The rise of cybersecurity insurance

Illustration/Sarah Grillo/AXIOS

By Shannon Vavra | Axios

All companies are potential victims of cyber attacks, and buying insurance is one way many are trying to manage that risk.

Why it matters: Companies hit by attacks are exposed to incredible costs — Equifax lost $4 billion in stock market value in just a week — so companies are increasingly looking beyond traditional safety nets to avoid financial ruin.

How it works: Firms interested in obtaining cybersecurity insurance can go through an intermediary firm that helps them assess their cyber risk with a score, similar to a credit score. Some firms work on behalf of insurers to assess risk in potential client companies.

Some of these firms simultaneously offer services to help mitigate companies’ risk or respond to cyber incidents.

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