Cyber Insurance
Liability to customers and third parties from data breaches, security failures, and the claims that follow.
Questions
- Are there overlaps between Crime and Cyber coverage? Absolutely—but the more important issue is not the overlap. It is the potential gap between the policies. The easiest way to think about it is:
- What are some large cyber claims that recently paid out? The first distinction is important: Company cyber loss ≠ insurance claim ≠ insurance payout Many of the largest cyber events produce headlines describing hundreds of millions of dollars of economic loss, while the actual insurance recovery may be much smaller or remain confidential. There are, however, some publicly disclosed examples.