Hacking blitz drives search for cyberinsurance

Wednesday - 6/15/2011, 10:30am EDT

More companies are looking to purchase so-called cyberinsurance, even though it might not be worth the expense. Companies are having to enhance their information technology practices and their human resources and employee training just to get cyberinsurance coverage, reports Reuters. In many cases, the deductible runs in the tens of millions of dollars. Insurers and insurance brokers say demand is soaring, especially after news that the Senate, the International Monetary Fund, Lockheed Martin, Citigroup, Google and Sony have all been attacked in the past few weeks. But there aren't any standards for cyberinsurance. Individual companies can set their own standards, but there aren't any industry-wide rules.

This story is part of Federal News Radio's daily Cybersecurity Update. For more cybersecurity news, click here.