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?