Lloyd’s CEO: Cyber attacks cost companies $400 billion every year

"Last year, the insurance industry took in $2.5 billion in premiums on policies to protect companies from losses resulting from hacks.

Lloyd’s, the British insurance company, is known for specializing in obscure risks. When civilians finally push off into space, they will likely be insured, along with the aircraft they travel in, by Lloyd’s.

But one initially rare insurance product has become far more common: hack coverage. Inga Beale, the CEO of Lloyd’s, which manages a clearinghouse for insurance policies, said that demand for cyber insurance has grown considerably in recent years. Last year, the insurance industry took in $2.5 billion in premiums on policies to protect companies from losses resulting from hacks. That was up from around $2 billion a year before, and less than $1 billion two years before that."

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