PUBLISHED ON: August 29, 2016
Currently, about 60 different insurance companies participate in the cyber insurance marketplace. No standard forms exist - it is like the Wild West. Cyber policies typically are tightly written, often with over 50 definitions and 50 exclusions, and are designed to cover specifically defined risks. While thus far there have been relatively few coverage disputes, the combination of lack of uniformity and tight drafting creates many coverage pitfalls.