Risk management professionals cautioned audiences of the myriad pitfalls in planning for catastrophes. Corporations were counseled to make sure they have the right coverage, insurers were advised to defend their rights and business owners were told they may be just one hack away from losing everything.
Gold said cyber risks “keep morphing.” In the early days, the privacy of data was the major concern. Policies where written to protect insureds from potential class action lawsuits caused by data breaches.Covering the risk of bodily injury was not a concern for the cyber insurer or insured. But thanks to the Internet of Things, bodily injury is a very real risk from certain cyber crimes.