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even decreasing slightly in late 2013. 21However, as carriers develop loss history andbetter underwriting data, industries with a high incidence of cyber events may see ratesbecome unfavorable.7. Added Benefits of Cyber Risk PoliciesIn addition to the obvious financial benefit of having an insurance carrier pay for lossesresulting from a data breach, several carriers are offering additional services to help theinsurer limits those losses. For instance, in 2009 Beazley launched Beazley BreachResponse to help organizations protect themselves from the consequences of databreaches, including addressing the concerns of customers whose personally identifiabledata had been lost or stolen. BBR uses an in-house team of experts to coordinate theforensic, legal, notification and credit monitoring services that its insureds need tosatisfy various notice requirements and to maintain customer confidence through aquick and meaningful response.Other carriers provide similar services and thoseservices should be considered in the overall evaluation of the various policies available.VI.ConclusionData breaches are now a fact of life. It is not if, but when – so, how do you protect yourcompany from significant losses? Beyond good data management policies, companieshave to employ solid risk transfer strategies, including the purchase of cyber liabilitycoverage. Careful analysis of potential risk is the first step in evaluating the coverage21 Insurers struggle to get grip on burgeoning cyber risk market, Reuters, July 14, 2014,http://www.reuters.com/article/2014/07/14/us-insurance-cybersecurity-idUSKBN0FJ0B820140714 (lastvisited January 12, 2015).