{"id":22678,"date":"2018-12-10T22:13:24","date_gmt":"2018-12-10T22:13:24","guid":{"rendered":"https:\/\/one.sightlinemg.com\/c4isrnet\/uncategorized\/2018\/12\/10\/cyberattacks-are-increasing-and-so-is-cyber-insurance\/"},"modified":"2026-08-08T18:11:14","modified_gmt":"2026-08-08T18:11:14","slug":"cyberattacks-are-increasing-and-so-is-cyber-insurance","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/c4isrnet\/cyber\/2018\/12\/10\/cyberattacks-are-increasing-and-so-is-cyber-insurance\/","title":{"rendered":"Cyberattacks are increasing, and so is cyber insurance"},"content":{"rendered":"\n

Sony Pictures suffered an estimated $100 million in damages after a crippling hack by North Korea in 2014 over the release of the Kim Jong Un-targeting buddy-comedy movie \u201cThe Interview.\u201d As a result, sensitive details of contract negotiations spread across the internet and troves of data disappeared. But the movie studio suffered almost no financial damages, its executive told Reuters<\/a>, thanks to cyber insurance.<\/p>\n\n\n\n

\u201cThe cost is far less than anything anybody is imagining and certainly shouldn\u2019t be anything that is disruptive to our budget,” said Sony chief Michael Lynton.<\/p>\n\n\n\n

Four years after the Sony attack, experts say the size of the cyber insurance market has skyrocketed.<\/p>\n\n\n\n

\u201cCyber insurance is a growth market for the industry today,\u201d said Sasha Romanosky, an expert at the RAND Corporation, a private research organization. He estimated that the current market size is around $2 billion in the United States, which may seem like a small size for an industry worth an estimated $350 billion. Still, the cyber insurance market is expected to become a $10 to $15 billion sector in the next decade, according to Romanosky.<\/p>\n\n\n\t