Those risk managers who buy cyber liability insurance, and the brokers and agents who help arrange cyber liability insurance coverage, know that the cyber liability insurance world presents many special challenges. With many high-profile data breaches at companies like Sony and Epsilon gracing headlines last year, businesses are starting to realize that no one specific industry is safe from a data breach—and hackers are quickly evolving their strategies. This special section dedicated to cyber liability insurance will keep you informed about key trends with featured reports, interviews with experts, white papers, recommended resources and the latest news.
With ‘Anonymous’ hackers and negligent mistakes affecting even the biggest business entities, the importance of cyber liability insurance is increasingly becoming apparent. PC360 spoke with Michael Palotay, senior vice president of underwriting at NAS Insurance Services, about important trends in cyber liability insurance and what to look out for when assessing a company’s risk.
Cyber security breaches, whether the result of cyber attack, internal or third-party data center error or simple carelessness, have never only been a problem or concern for the largest financial institutions or Fortune 500-sized companies with massive IT infrastructures.