Insurers not taking on software risk challenge

A leading US software risk management company has criticised the insurance industry for failing to adequately take into account the chance of software failure when writing a number of policies. Chief executive of Cigital, Jeff Payne, said that insurers were not factoring the risk into many policies because they did not fully understand the nature of the exposure and many did not know how to address it. Mr Payne was announcing the results of a Cigital study into the insurance of software risks worldwide.