Wall Street Journal | Pro CyberSecurity News | August 24, 2018
Cyber Daily: Cyber Insurers Add Cryptojacking; Questions CEOs Should Ask
A recent article in the WSJ's Cyber Daily examines how cyber insurance is changing to meet the demands of rapidly evolving cyber threats. Not only is cyber liability insurance covering new threats like cryptojacking, but also the aftermath of such exploits, including regulatory fines, business outages, physical destruction, and the damage done to a company's brand and reputation.
Woodruff Sawyer partner Robin Fisher is quoted on the value of cyber liability insurance in recouping costs related to reputational damage:
For reputational damage, policies can cover items such as the cost of hiring a public relations firm and losing customers following a data breach… To collect on these policies, a company might need to show that it lost a portion of its clients after an attack because they don't want to do business with the firm.
The bottom line is: In this fast moving environment, cyber liability coverage is evolving as quickly as new cyber threats. Have you identified the risks to your business and do you know if your cyber liability covers your needs?
About Woodruff Sawyer
As one of the largest independent insurance brokerage and consulting firms in the US, Woodruff Sawyer protects the people and assets of more than 4,000 companies. We provide expert counsel and fierce advocacy to protect clients against their most critical risks in property & casualty, management liability, cyber liability, employee benefits, and personal wealth management. An active partner of Assurex Global and International Benefits Network, we provide expertise and customized solutions where clients need it, with headquarters in San Francisco, offices throughout the US, and global reach on six continents. For more information, call 844.972.6326, or visit woodruffsawyer.com.
