With the topic of cyber security becoming ever more newsworthy, and the steady increase in reports of data breaches, many companies may be worried about the associated costs.
So it is, perhaps, unsurprising to see an insurance company develop a product that deals directly with such concerns.
Farmers Insurance Group, a subsiduary of Zurich Insurance Group, are now offering insurance that will cover legal assistance, computer forensics and privacy breach response services. At the moment it appears that cover is available to small and mid-size businesses in Texas and is automatically added to certain policies with a modified premium under $50,000. This new cover is effective immediately.
Do you think such insurance cover is likely to gain in popularity and would you take out such a policy for your business if it was available to you?