The new category of cyber insurance buyers
The president of the European Central Bank (ECB), Christine Lagarde, warned earlier this year that a coordinated cyberattack on a major financial institution could cause a “liquidity crisis”. With that in mind, it’s no surprise that financial institutions have been the earliest and most willing adopters of cyber insurance. They tend to be sophisticated buyers of insurance, and are subject to stringent industry regulations and standards, which carry harsh penalties and consequences if they’re not met.
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