According to Fitch Ratings, the Cyber Risk Insurance market in the US reached approximately $1.0 billion in premium in 2015, with 120 insurers writing the coverage.
Cyber-Attacks on healthcare organizations are increasing, driven by ransomware, and is Cyber Risk Insurance which includes coverage for ransomware attacks is a critical component of any IT security plan.
As we have noted (here & here), Email Piracy, also called Business Email Compromise (BEC) and social engineering fraud, is a significant threat, and only a few Cyber Risk Insurance policies provide adequate protection from this type of attack.
Investment related firms should purchase Cyber Risk Insurance including coverage for loss of money and including social engineering fraud, and practice good risk management.
Investment firms such as Registered Investment Advisors (RIAs) and Broker Dealers (BDs) need compliance and risk management measures to include Cyber Risk exposures and a comprehensive Cyber Risk Insurance policy.