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How Can I Ensure Cyber Insurers Will Pay My Claim?
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mcavanaugh1
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mcavanaugh1,
User Rank: Strategist
10/15/2019 | 7:57:37 AM
Re: Cyber Insurance claim
To confirm, most of the claims declined and firms that are suing their insurer attempted to file a claim under a non-cyber policy.  Mondelez is the case most reference however they tried to get coverage under their Property Insurance policy after refusing to purchase a Cyber policy for years.  Also, the declination was under the War Exclusion.

There is a lot of misconception as to what is covered, is not coverage, how it is covered, and what needs to be done to obtain coverage. This is partly the fault of the insurance industry as each Cyber policy is different with varying coverage, underwriting, and requirements. Most long-standing insurance companies writing Cyber Insurance do not require constant updating or any sort of updating outside of what an insured puts on an application.  The most important factor is to work with an agent/broker/carrier that is knowledgable in this space and up to date on the emerging risks to ensure that a policy is placed with the best carrier for the specific company.  There is no "best policy" or "best carrier" in the marketplace only the best carrier for the specific insured.
renglish98
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50%
renglish98,
User Rank: Apprentice
9/26/2019 | 9:21:25 AM
Cyber Insurance claim
The answer is not as striaghtforward as one would think. After notPetya, several firms had to sue their insurers who refused to pay the cyber claim as they argued that it was a state-sponsored attack and exempted via a force majeur clause.

Similarly, customers need to be constantly patching and remediating vulnerabiliies to demonstrate they are performing 'due care' and not unreasonably exposing their firm to cyber risk, which could be a claim denial justification.


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