Demand for cybersecurity insurance is booming as a string of high-profile hacks and data breaches spurs explosive growth in what has suddenly become a $2 billion industry.
The recent cyberattack on Sony Pictures Entertainment, which brought losses and public embarrassment to the company, has only accelerated years of steady growth that is expected to expand into new sectors of the economy in 2015.
“Off the charts,” Bob Parisi, the national cyber risk product leader at insurance firm Marsh, said of the spike in business. “Kind of the hockey stick analogy.”