United States:
Beware Of Gaps In Your Cyber Risk Policy - AreYou Covered In the Event of an Insider Attack or Data Breach?
25 October 2014
Reed Smith
To print this article, all you need is to be registered or login on Mondaq.com.
The evolving market for cyberliability insurance coverage
reveals significant differences in the scope of coverage afforded
under available policies. A coverage gap that may exist under some
policies is for insider cyber attacks. While external attacks
receive substantial news coverage, a recent study finds that
businesses may be far less equipped to stave off attacks involving
insiders: employees, vendors, suppliers and others who may have
authorized access to critical or sensitive data. Liability
insurance protection – even under specialized cyberliability
policy forms – may potentially lag behind on this important
issue. Differences in policy language – including policy
definitions and exclusions – may have a significant impact on
the scope of coverage available for a cyberliability claim.
It is therefore critical to understand the coverage provided under
your company's cyberliability policy in response to insider
attacks or data breaches.
This article is presented for informational purposes only
and is not intended to constitute legal advice.
POPULAR ARTICLES ON: Insurance from United States
D&O Insurance Myths (Part 2) (Video)
Lowenstein Sandler
Last month we discussed the importance of Directors and Officers (D&O) insurance and set the record straight on some common misconceptions about it.
Faulty Workmanship Coverage Update
Plunkett & Cooney
The Washington Supreme Court affirmed the Washington Court of Appeals ruling that coverage for repairs to the Gardens Condominium's roof components was available under the resulting loss exception to the insurance policy's faulty workmanship exclusion.
Priority Of Coverage: Debunking "Other Insurance" Myths
Lowenstein Sandler
Today on "Don't Take No For An Answer," host Lynda A. Bennett is joined by Alexander B. Corson for a discussion about priority of coverage, or who pays what when there are numerous claims, parties, and policies at play.