Data breaches and the emergence of cyberinsurance
Insurance is a staple of modern life. If you own a car, many states require you to carry insurance on your car in case of an accident. The federal government now requires individuals to be covered by a health insurance plan. Insurance shifts the risk of an adverse occurrence from the individual, whose financial well-being could be devastated by one event, to a well-funded company. The company collects premiums from you, essentially calculating that bad things will not happen to many of you, so they won’t have to pay out.
CIRI’s Jay Kesan talks about how can you protect yourself with a new type of coverage: cyberinsurance.