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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