Cyber Insurance - Risks and Coverages

As more and more companies of all sizes ranging across a wide spectrum of industries have been exposed to network and data security breaches in recent years, the market for insurance products dedicated to cover cyber risks has grown just as fast. Unlike more traditional insurance policies that contain very similar terms, conditions and exclusions no matter which insurer issues them, cyber insurance policies are far from uniform. Prior to placing or renewing a cyber policy, it is therefore crucial to understand not only what you are being offered, but also how to negotiate coverage for the risks inherent in your business. This Legal Quick Hit will provide an overview of the types of coverage provided in cyber policies, as well as some tips to consider when placing or renewing your cyber policy.