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Cyber Insurance 101: An Overview of Key Issues

February 10, 2016

Cyber Liability

It is no surprise that cybersecurity has continued to dominate headlines through the first few weeks of 2016. New data breaches revealed at Hyatt Hotels Corp and fast-food restaurant chain Wendy’s show that the migration to EMV technology is far from complete. A new Senate bill was introduced in December that would mandate companies disclose the cyber security expertise of its board of directors.

Cybersecurity even hit the Presidential debates, with candidate Trump proposing that “brilliant people from Silicon Valley” could figure out how to close the internet to ISIS.

As we know, cyber risk is a boardroom level issue and the financial consequences of a breach can decimate a company’s finances. Experts are already busy making data breach predictions for 2016.

No need to despair, though. Cyber risk can be mitigated by using a combination of sound risk management practices and cyber liability insurance. However, in recent years, the number of cyber liability products has grown dramatically, making it increasingly difficult for companies to identify the best solution to protect against their specific cyber exposures.

Of course hiring an experienced broker that can help you identify your risks and advise you on the best coverage solutions is paramount. Also important is educating yourself on the issues. So where does a proactive executive or board member begin? In this post I have compiled a four-part series on the critical need-to-know components of cyber insurance. Read and enjoy!

Cyber Insurance 101: The Basics of Cyber Coverage

Cyber Insurance 101: Cloud Computing and Liability

Cyber Insurance 101: Network and Business Interruption

Cyber Insurance 101: Obtaining Cyber Insurance – The Process

 

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All views expressed in this article are the author’s own and do not necessarily represent the position of Woodruff-Sawyer & Co.

Lauri Floresca

Senior Vice President, Cyber Liability

Editor, Cyber Liability

Lauri is a widely respected expert and frequent speaker on the issues of directors & officers liability and cyber liability. She has developed her expertise surrounding complex privacy breach claims and innovative Cyber Liability solutions, and has extensive experience placing D&O programs for public companies of all sizes, including NASDAQ 100 and Fortune 500 companies.

415.402.6523

LinkedIn

Lauri Floresca

Senior Vice President, Cyber Liability

Editor, Cyber Liability

Lauri is a widely respected expert and frequent speaker on the issues of directors & officers liability and cyber liability. She has developed her expertise surrounding complex privacy breach claims and innovative Cyber Liability solutions, and has extensive experience placing D&O programs for public companies of all sizes, including NASDAQ 100 and Fortune 500 companies.

415.402.6523

LinkedIn