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Cyber risk insurance is one of the fastest-growing insurance products — industry experts estimate about 10 percent of business hold such protection — but according to Buchanan Ingersoll & Rooney Insurance & Reinsurance shareholder Marc Tepper, there is still much to be fleshed out.

As Tepper explained in the Philadelphia Business Journal article "Cyber risks fuel growth of specialized lines of insurance," financial and health care industries have long dealt with confidential personal information. But as the use of such identifying data increases so does the need to protect against breaches and thefts.

"[Health care and finance] industries have more experience dealing with these breaches," Tepper explained. "The other industries who are just getting involved in internet commerce or have now products can be tricky because there is not an established loss history."