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Cyber Insurance: Read the Fine Print!
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mcavanaugh1
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mcavanaugh1,
User Rank: Moderator
6/20/2017 | 1:12:18 PM
Cyber Insurance
While I understand the intent of the article, the majority of the information is only part of the picture. First, many of these suits and declinations of coverage were filed under insurance policies that were never intended to cover these exposures specifically Crime & Commercial General Liability insurance policies.  The expectation that a CGL policy designed to cover bodily injury and property damage should also cover these types of exposures is ridiculous. It would be similar to filing a claim for an auto accident under your homeowner's insurance policy.  

Second, the examples of social engineering, phishing and the lack of coverage should fall more on the insurance agent or broker that placed the coverage. While this coverage may not have been available in January of 2016 (Krebs Article), September of 2015 (BitPay), June of 2016 (PF Changs), and August of 2013 (Schnucks) they are currently available in the marketplace and have been for quite some time.  This coverage is readily available from several insurance companies on a cyber liability insurance policy for most industries although the insurance agent may have to request the coverage to specifically be added. The truth is that a correctly written cyber liability insurance policy can respond to everything that was mentioned in the 10 bullet points outlined in the article.  Also, many carriers are writing comprehensive policies that will cover everything with a minimum premium of $1,000 (less for some industries) with a deductible of $1,000 to start.  This can include the cyber-crime coverage needed in two of the examples (Krebs & BitPay) linked to in the article.  

I definitely agree that a company contemplating purchasing a policy should read the fine print; however, the first step should be finding an insurance agent or broker that understands the coverage. A cyber liability insurance policy should complement the risk management measures in place with the mindset of viewing the policy as a service. Many carriers will provide risk management services to a policyholder before and after an event with the goal of making their policyholder more secure.


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