Data breach costs are rising, as hackers go after ever-bigger targets and regulators get tougher about fines and disclosure. Fortunately, companies now have plenty of choices when it comes to insuring against these risks.
According to a report released in June by International Risk Management Institute Inc., the U.S. market now totals around $1 billion in annual gross premiums, up from $800 million last year, with increasing competition among providers and increasing awareness of the need for cyberinsurance among businesses.
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