Cyber Insurance; The New Commodity Product.
A while back now (2011) I had the time to research the health of the cyber insurance market which had not taken a mainstream approach due to market inexperience. Since then, the myriad of cyber hacks have exponentially grown. Governments are now creating cyber insurance policies, the UK Government has created a guide on cyber insurance products and a Cyber-Essentials program whilst more and more IT staff are encouraging companies to change IT Security policies to incorporate a cyber insurance product. By the time research was completed (2013) the insurance market was still augmenting the landscape of modern cyber insurance. At that time of research, information asymmetry between customers and providers was the reason for overpricing cyber insurance products, however to help the lack-lustre…