The potential for cyberattacks and data breaches continues to loom large in any company’s calculus of risk, with events like the recent WannaCry attack only highlighting the threat. For years, the insurance industry has responded in kind by offering variations on forms of cyber risk insurance. However, not all policies are created equal. It is important for the insured to be aware of what is covered—and what is not.
At its most basic level, cyber risk insurance can be divided into first-party and third-party coverages. Most policies will contain some combination of these coverage types. Both of these coverages potentially contain pitfalls for the unwary. Continue Reading How to Protect Against Cyber Liability Threats