Insurance Company Offers First-Ever 'Cyber Catastrophe Bond,' Which Seems About Right
are used by insurance companies to help cover particularly harmful events. Traditionally speaking, that means stuff like fires, tornadoes, and other acts of God that wreak untold financial havoc. Now cyberattacks fall into that category.
In that sense, you can think of CATs as financial padding, designed to help insurance companies pay for coverage under particularly costly circumstances.his is the first time that such a bond has been launched to assist coverage for cyber incidents—which typically haven’t been thought of in the same category of mayhem as other disasters.bond will help cover the company’s expenses in the event that costs from insuring its clients exceeds a threshold of $300 million.
. The bond is basically a financial pillow, designed to cushion the blow from exceedingly costly cyberattacks.
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