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As Threats Grow, Firms to Cyber Insurance

Investors cringe when a company they own, such as Target (NYSE:TGT) or Las Vegas Sands (NYSE:LVS), suffers a cyber breach that results in the loss of customer or employee data.The cost of a high-profile breach can be in the tens or hundreds of millions of dollars due to lost business, disrupted services and compensating potential identity theft victims.But sophisticated companies are increasingly balancing the rising risk of a pricey cyber event by acquiring cyber security insurance from the likes of AIG (NYSE:AIG) and Chubb (NYSE:CB). Cyber coverage can mitigate the costs of everything from hiring forensic investigators and high-priced lawyers to shelling out ransoms to cyber extortionists."This is an arms race and an ongoing battle. Cyber insurance is becoming increasingly prevalent as boards of directors and officers become more and more aware of the seriousness of cyber security risks," said Jim Halpert, co-chair of DLA Piper's global privacy practice.Like flood, fire and auto insu...

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