Naked Security: Will insurance firms be the big winners in the struggle for cyber security?

InsightaaS: Naked Security is a news/blog site hosted by security vendor Sophos. In this post, John Hawes, technical consultant and test team director at Virus Bulletin, looks at the winners (hint: it’s the insurance companies) and implications of expanded focus on cyber crime insurance.

A blog post by one of US President Obama’s top cybersecurity advisers has sparked a debate on the importance of insurance in mitigating the threat posed by digital dangers to the world’s businesses and government agencies.

The insurance world is a massive moneyspinner, with global premiums of over $4.6 trillion paid out last year.

Insurers are always on the lookout for new dangers to insure us against, and it seems like cybercrime, hacking and compromises of business networks are considered a booming sector, ripe for expansion and exploitation….

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