Insurers struggle to price cyber insurance policies

U.K.-based consultancy firm PricewaterhouseCoopers International Ltd. said that Irish insurers do not have adequate data to price cyber insurance policies as demand rises among businesses, The Irish Times reported. Paraic Joyce, insurance partner at PwC, said that insurers are struggling to understand cyber risk, frequency of attacks and what should be covered under insurance policies. Mr. Joyce said that cyber cover currently protects against the immediate losses related to an attack but does not cover the consequences of data breach such as people's grievances.

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