Search
 

Cyber Insurance Still Rare

Companies are reluctant to add coverage given rising premiums

By Staff Writer | Updated on April 01, 2003

The SQL Slammer attack in January demonstrated once again the kind of damage a computer virus can cause in an information economy. It froze many of the Bank of America’s ATM machines, disrupted the Web sites of American Express Co. and Countrywide Financial Corp. and caused problems in Continental Airlines’ ticketing system.

Such viruses aren’t uncommon. Ninety percent of companies surveyed in 2002 by the Computer Security Institute and the FBI had detected computer security breaches in the preceding 12 months. But so far, there’s been little demand for insurance that covers the damage such attacks could do to companies’ systems and data or the data of their customers. Brokers estimate that in 2002, companies bought just $100 million to $200 million of such insurance, in contrast with estimates on potential losses in the billions.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.