Insuring Against Cyber Risk: The Evolution of an Industry (Introduction)

6 Pages Posted: 21 Jul 2018 Last revised: 9 Nov 2018

See all articles by Christopher C. French

Christopher C. French

The Pennsylvania State University (University Park) – Penn State Law

Date Written: July 16, 2018

Abstract

Cyber risks are the newest risks of the 21st century. The breadth and cost of cyber attacks are astonishing. Worldwide damages caused by cyber attack are predicted to reach $6 trillion by 2021. Between 2015 and 2017, ransomware damages alone increased from $325 million to approximately $5 billion. In 2017, WannaCry ransomware shut down over 300,000 computer systems across 150 countries.

On April 13, 2018, the Penn State Law Review held a symposium to discuss the evolution of cyber risks and cyber insurance. The symposium was comprised of an eclectic group of legal practitioners and scholars who presented four articles. This paper introduces the articles that appear in the symposium issue. The articles analyze whether cyber risks are systemic risks, whether traditional lines of property and liability insurance cover cyber risks, and how the coverages provided under cyber risk policies have evolved since they initially were created and sold in the 1990s.

Keywords: insurance, cyber, cyber risks, ransomware, malware, phishing, denial of service, liability, data loss, CGL, D&O, crime, data breach notification

Suggested Citation

French, Christopher C., Insuring Against Cyber Risk: The Evolution of an Industry (Introduction) (July 16, 2018). 122 Penn. St. L. Rev. 607 (2018); Penn State Law Research Paper No. 11-2018. Available at SSRN: https://ssrn.com/abstract=3214573

Christopher C. French (Contact Author)

The Pennsylvania State University (University Park) – Penn State Law ( email )

Lewis Katz Building
University Park, PA 16802
United States

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