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The Growth and Challenges of Cyber Insurance

Author

Listed:
  • Andrew Granato
  • Andy Polacek
Abstract
Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. Ransomware attacks, intellectual property theft, and fraud cost companies billions in recovery expenses, fines, and lost revenues every year. More firms are purchasing cyber insurance as a way to cover losses and expenses resulting from cyber incidents.

Suggested Citation

  • Andrew Granato & Andy Polacek, 2019. "The Growth and Challenges of Cyber Insurance," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    • Handle: RePEc:fip:fedhle:00115
    DOI: 10.21033/cfl-2019-426
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