“[It] takes a whole lot of attention to figure out how to up our game, since this [cybersecurity] battle is not going to be fought by the government”
In an August 12, 2013 article, SNL Financial quoted Venable partner Jamie Barnett on the rise of businesses purchasing cyberinsurance to hedge against online attacks. One analyst suggests that 17% to 18% of at-risk companies have bought cyberinsurance, with even higher rates among sectors such as healthcare.
Barnett likened the positive effects of businesses adopting insurance to Progressive Corp.’s Snapshot product which tracks drivers’ behavior. On improving cybersecurity in general, he said “it really does take a whole lot of attention to figure out how to up our game, since this battle is not going to be fought by the government. The battle is always going to be fought in the private sector,” he concluded. “That's where the emphasis has to be.”