More firms buying insurance for data breaches

The Boston Globe, February 17, 2014
The threat of cyber hacking, underscored by the credit card breach at Target, is now so great that US businesses are rushing to buy insurance coverage against the expense of being hacked, or losing sensitive customer information. One in three companies now has insurance to specifically protect against such losses. Last year, cyber insurance polices sold to retailers, hospitals, banks, and other businesses jumped 20 percent, according to Marsh LLC, a New York insurance brokerage firm that tracks the market. South Shore Hospital purchased its first cyber insurance policy shortly after a data breach put the names, Social Security numbers, and health histories of its 800,000 patients at risk in 2010.

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