Will Your Company's Cyber Insurance Pay a Big Claim When It Happens?

Every week we hear about new data security breaches at major companies, on a larger and larger scale, ever increasing the likelihood of such a breach at your company.  There are many cyber insurance products on the market designed to cover such losses, some affording better coverage than others, and insurance companies have sold a lot of them in recent years to help corporate policyholders shift the risks of cyber liabilities and losses off their balance sheets.

Insurers have had to be seen paying claims to buttress the perceived value of these policies.  But with many markets saturated, insurance companies have begun to dispute coverage for claims corporate policyholders reasonably believed would be covered.  This kind of pushback can be hard for clients to understand.  If your company had the foresight to buy cyber insurance, have you managed our client's expectations about the likelihood of claims being paid in a hardening insurance market?  Will your company still have access to cyber insurance markets when the inevitable claim occurs?

Some topics to be discussed are:

• The anatomy of:
  • A big data breach
  • Major privacy litigation
• The kinds of policies available to cover such exposures
• A changing environment in which insurers are pushing back on major claims
• Preserving access to markets when a major claim occurs