Could the adoption of a little known bill in California lead to the wider adoption of cyber insurance and deliver far reaching benefits?

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Could the adoption of a little known bill in California lead to the wider adoption of cyber insurance and deliver far reaching benefits? Whilst cyber insurance is in its infancy on many ways, from the lack of data available to be able to underwrite policies effectively, court cases challenging what should to should not be paid out and the splitting of cyber out of P&C and D&O policies. If you want to contract with the state, you will need cyber insurance.

But as this article points out. Cyber insurance is a volume game and with the adoption of more policies the insurance industry will gather more data and information and get better at writing policies. Standards will have to be set to enable both parties to set a compliance benchmark to mitigate cyber risk and the better the industry gets at supporting companies adopt insurance with confidence. More companies will take up cyber insurance.

An approach which makes sense.

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