There is no doubt that the United States is leading in the emerging area of cyber insurance said Dominic Burke, CEO of the JLT Group. But with a reported 97% of all companies being hacked and coverage still minimal, there is still a long way to go before CEOs should feel sufficiently safe. ‘The U.S. is significantly further ahead than London,’ said Burke. ‘And if you look at Asia and Latin America, Cyber insurance is still not on the agenda for many corporations. It’s going to have to be.’ London-based Jardine Lloyd Thompson Group (JLT) provides insurance, reinsurance and employee benefits worldwide. JLT is listed on the London Stock Exchange and owns offices in 39 territories with more than 10,000 employees. As evidenced by last year’s Sony hacking, which spilled personal as well as corporate secrets, actuaries have a difficult time quantifying potential risks. That is why companies are running balance sheets ‘bare of coverage,’ according to Burke. ‘Cyberspace insurance today predominantly deals with notification and rectification, not about the actual loss when those losses relate to a particular asset,’ said Burke.
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