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Preparing for a Data Breach with Cyber Insurance

By Collin Hite
December 31, 2015

Data breaches continue to escalate and garner national attention. The most recent news-making incident was the hack of electronic toy maker, VTech.

The Risk Insurance Management Society's (RIMS) Cyber Survey (May 2015) provides important benchmarking information for risk managers as they continue to grapple with data security and procurement of cyber insurance. One of the important takeaways is that most companies have standalone cyber insurance at this point, and those that don't are now seriously considering it. That is not a surprise considering the massive data breaches occurring recently ' Target, Anthem, Starwood, the U.S. government. Companies of all sizes need to consider cyber insurance as part of the overall program.

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