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Purchasing and understanding cyber insurance coverage
Cyber Security: A Peer-Reviewed Journal,
2
(1),
83-89
(2018)
Abstract
As the numbers of cyberattacks and cyber mishaps continue to increase, more and more companies are looking to transfer some of their cyber risks through insurance. Despite this increase in cyber insurance uptake, questions abound as to what cyber insurance covers and how to select the most appropriate coverages. In addition, many companies are unaware of the various conditions and requirements typically contained in cyber policies, and how those provisions can affect their ability to secure coverage under the policy following an otherwise covered event. This paper provides an overview of cyber insurance, describes the types of information often requested by underwriters in connection with applications for the purchase of cyber insurance, and discusses how to negotiate for and select a policy that adequately addresses the insured company’s unique cyber risk profile. The paper also highlights various conditions and requirements embedded in most cyber forms and outlines how insureds can avoid inadvertent missteps in connection with those policy provisions that might jeopardise coverage in the event of a claim.
Keywords: cyber security; cyber insurance; cyber risk; data breach
The full article is available to subscribers to the journal.
Author's Biography
Judy Selby has 25 years’ insurance coverage litigation experience on behalf of insurers and policyholders. She has particular expertise in cyber insurance and coverage under various policy forms for today’s emerging risks. She provides coverage evaluation, policy negotiation and gap analysis services to companies across multiple industries, helping them to make the most of their insurance premium spend. She also provides expert witness services to both policyholders and insurance companies in coverage disputes. She is a prolific author and sought-after speaker on insurance, cyber, technology and compliance issues and has been quoted in leading publications, including the Wall Street Journal, Fortune, Forbes, Reuters, Directors & Boards, InformationWeek, Business Insurance, Law360, Bloomberg BNA, CIO, CSO, Insurance Business America, National Law Journal, Dark Reading, Corporate Executive Board and LegalTech News. She also authored the eBook Big Data for Business Leaders: What Today’s Decision Makers Need to Know. In addition to her law degree, she has completed courses in finance with Harvard Business School HBX, big data, crisis management/business continuity, cyber security and the Internet of Things (IoT) with the Massachusetts Institute of Technology (MIT), professional education and cloud computing with the Institute of Electrical and Electronics Engineers (IEEE). She is a former co-chair of the CLM Cyber Committee and member of the Law360 Insurance Editorial Board and was a 2015 finalist for the CLM Outside Professional of the Year award.
