Building a Strong Cyber Insurance Policy to Weather the Potential Storm (Part One of Two)

With cyber attacks continuing to strike companies of all sizes, cyber insurance has become an important component of corporate risk management strategies.  While cyber risk insurance can provide coverage for the litany of potential damages that a company may suffer in the wake of a data breach, it is wildly different from the usual insurance marketplace – it is nascent, changing and varied.  This, the first article in our two-part series on getting the right cyber coverage in place, provides guidance on navigating the insurance placement process, selecting the individuals who should be involved, finding the right insurer and securing the best policy for your company.  Part two will explore lessons from recent cyber insurance coverage litigation, including steps companies can take to increase the likelihood of insurance coverage under their cyber policy and what policy exclusions and pitfalls to watch out for.  See also “Transferring Risk Through the Right Cyber Insurance Policy,” Cybersecurity Law Report, Vol. 1, No. 15 (Oct. 28, 2015).

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