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Why You Shouldn't Count On General Liability To Cover Cyber Risk
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RyanSepe
RyanSepe,
User Rank: Ninja
10/20/2014 | 11:09:06 AM
CGL Coverage
Not that I think any organization should be reliant on a CGL to bail them out but if a CGL does not encompass cyber threats, than what does it cover from an Information Security perspective?
Marilyn Cohodas
Marilyn Cohodas,
User Rank: Strategist
10/20/2014 | 12:08:43 PM
Re: CGL Coverage
"pricing for cyber liability insurance is stupid low" 

Another example that you get what you pay for.
GonzSTL
GonzSTL,
User Rank: Ninja
10/20/2014 | 12:47:03 PM
Re: CGL Coverage
CGL was invented a long time ago, and really is not intended to cover cyber risk. In fact, new CGL policies expressly exclude coverage for cyber security incidents. At the same time, cyber risk policies are evolving at a very rapid pace in order to keep up with the rapidly changing threat landscape and new vectors for attack, and require that organizations demonstrate a proactive role in their own cyber defense strategy prior to coverage. What once was a niche market, cyber risk coverage really has come into its own as a critical component of risk management.
GonzSTL
GonzSTL,
User Rank: Ninja
10/20/2014 | 12:56:12 PM
Re: CGL Coverage
Actually, companies issuing cyber insurance stand to lose big time unless they increase their rates and call for increased level of proactive security and risk management by companies they insure. When big companies like Target and Home Depot, and even very large banks like JP Morgan get breached, the costs associated with addressing that breach get incredibly expensive.
SgS125
SgS125,
User Rank: Ninja
10/20/2014 | 3:59:52 PM
Re: CGL Coverage
Actually you would be wise to take advantage of the low rates.  You will in fact get more than you pay for until the experience catches up with the rates.  This would be a bargain right now, not a bad deal at all.  Just remember to read the entire policy.  I bet you read your auto and homeowners policy Right :)
RyanSepe
RyanSepe,
User Rank: Ninja
10/21/2014 | 1:10:31 PM
Re: CGL Coverage
If this is the case involving CGL and its verbiage is somewhat dated then it would seem that the policies should be rearchitected. Especially, when the idea from an legal perspective is to help alleviate fiscal struggles in times of breach. It needs to evolve alongside cyber risk policies if it would like to compete in that vector.


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