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E-Insurance for the Digital Age
The repercussions could be sweeping. Why? Because insurers will probably become a major force in shaping the computer- and network-security business. They'll likely mandate what types of security practices, providers, and products are acceptable, just as they've shaped practices and products in the construction and auto industries. "Things like CodeRed [a computer worm that appeared in July, 2001] are happening so often now that cyber-insurance will become ubiquitous. Then [insurance] price differentials will appear for different types of software," says Bruce Schneier, chief technology officer of Counterpane Internet Security.
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