The Role Of Cyberinsurance In Risk Management

Law360, New York (April 7, 2016, 11:32 AM EDT) -- James R. Woods

Marcus A. Christian

Jeyshree Ramachandran On March 22, 2016, the Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies of the U.S. House of Representatives Homeland Security Committee held a hearing on the role of cyberinsurance in risk management. The hearing focused on how the cyberinsurance market, which could triple in size to $7.5 billion in annual premiums by 2020, can encourage companies to improve their security safeguards and protect themselves against cyber attacks. The subcommittee's chairman, Rep. John Ratcliffe, R-Texas, remarked, "Just as the process of obtaining home insurance can incentivize homeowners to invest in strong locks, smoke...

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