The transfer of cyber risks via insurance started already in the 1990s. Early cyber insurance products covered only 3rd party liability claims. In response to the Californian Security Breach Information Act, which came into effect in 2003 and required businesses in CA to notify affected residents if their personal information was accessed by an unauthorized third party, the modern coverage scope of cyber insurance was quickly developed and introduced to the market (cf. ). In the following, we will have a look at the current coverage of cyber insurance policies, their triggers, and exclusions.
If you are interested in the up-to-date cyber insurance market figures, have a look at our Cyber Market Statistics.