Data Privacy Laws, Hackers Put Cyber Insurance In Spotlight
By Rich Ehisen (November 1, 2019, 4:57 PM EDT) -- The impending California Consumer Privacy Act and other state data privacy laws have done more than motivate companies to rethink how they manage consumer data. They also have many organizations thinking more than ever about how they manage their cyber insurance coverage.
Once considered a niche product, cyber insurance policies have become common for companies that handle large amounts of consumer data. With increased exposure under new data privacy laws like the CCPA, such policies are rapidly turning into a must-have, with global premiums expected to grow from about $2.5 billion today to approximately $7.5 billion by next year.
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