Cyber Insurance Will Change Everything

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Cyber Insurance Will Change Everything

Cyber attacks are one of the greatest threats to business and individuals alike because of the scalability of hacks.  Once a hacker has the ability to hack 100,000 people, it takes no more effort or skill to hack a hundred million people (Meltdown and Spectre are proving that once either processing chip can be hacked once it can be scaled to a majority of computing devices in the world- and most cloud storage).  This is highly alarming, but what can we do about it?

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There is No Such Thing as Cyber Security

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There is No Such Thing as Cyber Security

This past year Verizon nearly dropped its bid for Yahoo after uncovering a massive data breach.  Wanna Cry, the ransomware virus that effected 230,000 computers in 150 countries, shutdown important infrastructure such as the UK's National Health Service, and FedEx, a shipping giant.  Eighty one million dollars of Bangladesh's money was stolen from the Federal Reserve Bank of New York using the "highly secure" Swift system.  Until incentives are created for software developers and hardware makers to tighten up their security, businesses and individuals will remain greatly exposed to cyber hacks. Insurance companies are one of the few forces that can incentivize software makers to become more secure.   

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