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Network Security and Privacy

Given the exposures and constantly evolving risks associated
with cyber events that could cripple companies, industries and
critical infrastructures, prudent insureds should review their
insurance program with their insurance producer and seek out
professionals who understand the cyber insurance market before
those catastrophic cyber events take place. Relying on traditional
insurance to protect against cyber events is wishful thinking. Due
diligence and due consideration should be undertaken so that all
companies can understand the insurance coverage they have and
just as importantly, understand what cyber insurance coverage
they deliberately decided not to purchase for their cyber liability
risk management program. Additionally, the financial strength
of the insurers should be considered because in the event that
multiple critical infrastructures are taken down, an insurer may be
have to pay too many or a number of large claims that may impact
its surplus and impede its ability to pay all claims. A competent
insurance producer can help companies understand the options
and alternatives for cyber insurance thereby giving the insured
the proper information to make an educated decision as to what
type and how much insurance will be in place for the next big
cyber catastrophe.

large losses resulting from designated acts of terrorism, subject to recoupment through risk-spreading premiums on other insurance products.

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