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Cyber Insurance Rates Drop With Decrease In Big Data Breaches

05
Apr
2016
Cyber Insurance Rates Drop With Decrease In Big Data Breaches

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Cyber insurance rates have dropped, thanks to a drop in major data breaches. The relative quiet in massive breaches has prompted insurers to lower insurance prices during first three months of 2016 for high-risk industries including retail and healthcare, according to a Reuters report.

A series of big-time hacks on big names such as Home Depot, Target, and Anthem, increased insurance costs for many firms last year. These breaches prompted large payouts from insurers, including $90 million and $100 million for Target and Home Depot, respectively.

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