Small Cos. Slow To Pick Up Cyberinsurance, Lawmakers Hear

Law360, New York (July 26, 2017, 5:45 PM EDT) -- Small businesses are increasingly being targeted by hackers, but they have been slow to obtain specialized cyberinsurance for those risks due to doubts about their level of vulnerability, insurance and cybersecurity, experts told a U.S. House of Representatives panel on Wednesday.

During a hearing before the House Small Business Committee, four witnesses touted the potential benefits of cyber risk insurance for small companies while also highlighting obstacles to the growth of the cyberinsurance market, including a lack of historical data on cyber-related losses and the inconsistent array of state, federal and international privacy breach notification laws.

Eric Cernak, vice president of...

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