GAO Sees Increased Cyber Insurance Demand
Demand and adoption of cyber insurance increased, GAO reported to House and Senate Armed Services committee leaders, released Thursday. Marsh McLennan reported the proportion of clients holding such insurance gained from 26% in 2016 to 47% in 2020, GAO said.…
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Others reported higher prices reflecting increased demand. Increasing cyberattacks caused insurers to reduce coverage limits for some industry sectors, GAO said. Insurers report they increasingly sell cyber-specific insurance rather than bundling it.