Rates Dropping for Cybersecurity Insurance

Rates for cybersecurity insurance edged lower in the last few months despite surging demand, as heavy competition brewed among insurers rushing into the market in search of the next profitable product, insurance brokers Marsh said. A series of high-profile data breaches at companies including Sony Corp and Citigroup have drawn sudden attention to "cyberinsurance," which covers everything from the cost of notifying customers their data has been breached to the cost of defending against those customers' lawsuits.