Using Cyber Insurance to Mitigate Risk: Getting Savvy About Cost and Policy Terms

Companies are increasingly turning to cyber insurance to offset risk. While coverage exists for a variety of potential losses and liabilities caused by cyber risk, it can be difficult to keep track of the evolving market and to understand confusing policy terms. In this three-part article series, we speak with legal and insurance industry experts about the current state of the cyber-insurance market and what companies need to know about this risk-management tool. This second installment examines the cost of a policy and how much coverage is necessary and provides insight on how companies can be savvier about having the right terms in place. Part one covered the current insurance landscape, how to find the right insurer and included actionable advice on navigating the application process. Part three will discuss policy management and how to communicate after a breach. See also “Navigating the Evolving Cyber Insurance Market” (Jun. 14, 2017).

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