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Partner Rene Siemens Weighs in on Cyberinsurance
As mentioned in: National JournalJune 15, 2012
The cyberinsurance industry made dramatic leaps in popularity over the past few years, not only as a result of ongoing threats of data theft, but also due to SEC guidance that executives at companies engaging in online activities should disclose to investors a "description of relevant insurance coverage." And although many companies are heeding this guidance and attempting to safeguard themselves, it is hard to both quantify the levels of insurance necessary to protect against a potentially catastrophic event and predict the nature of the next year's cyber attacks.
Knowing the overwhelming affect a catastrophic cyber attack could have on underwriters, Rene Siemens, partner in Pillsbury's Insurance Recovery and Advisory practice noted, "The insurance industry as a whole doesn't have a very good handle right now on the scope of the risk that they’re underwriting."
