Amidst accusations that Russia was involved in hacking that affected the U.S. Presidential election, President-elect Donald Trump met with executives from some of the largest technology companies to discuss support for their businesses …once he takes office.
Yahoo announced that it had suffered the largest cyber breach in history back in 2013, exposing more than one billion accounts, double the number of accounts involved in a cybersecurity incident it experienced in 2014.
So far in 2016, the Identity Theft Resource Center reports some 980 breaches, exposing some 35 million records, though for most breaches, the number of records affected is unknown.
Cyber risk and cyber security have become top priorities among corporate boards, putting pressure on risk managers and insurance carriers to quantify and manage exposures. A recent RIMS survey revealed a 29 percent increase in the number of organizations with a stand-alone cyber insurance policy. PwC estimates annual gross written premiums will increase from $2.5 billion today to $7.5 billion by the end of the decade.