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Sony Hack Will Bring Cyberinsurance To Forefront In 2015

Law360, New York (January 2, 2015, 12:51 PM EST) -- 2014 ended with a massive cyberattack on Sony Corp. It also ended with reports that 2014 cyberinsurance sales were roughly double the $1 billion sales figure for 2013.[1] Undoubtedly, the increased sales in 2014 resulted in part from publicity about earlier attacks. One well-known security report had described 2013 as the year of the “mega breach.”[2] 2014 might be dubbed the year of the “tera breach.” But, whatever 2014 is called, it is likely that 2015 will also see an increased interest in purchasing cyberinsurance.

Cyberinsurance is for the most part sold on forms drafted by insurance companies without attention to...

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