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Daily Dashboard | Lack of Data Puts Cyberinsurance Companies in a Bind Related reading: A teachable moment for privacy in the virtual classroom




Breached businesses are frequently reticent about their experiences, and that has prevented the cyberinsurance industry from having the necessary data to both “accurately predict the risk of a breach” and determine rates, Nextgov reports. Besides employing computers to forecast risk—a process that is “totally at its infancy,” said George Washington University’s Costis Toregas—another option is a Department of Homeland Security-backed “third-party repository” of such information, the report states. “The unlocking of the potential market into the hundreds of billions of dollars will happen when they either develop a comprehensive kind of statistical base of losses or some strong models that can tell them with some level of confidence,” Toregas added.
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