Does your policy cover acts of cyber terrorism or cyber warfare?
Many policies cover cyber terrorism, but might not cover cyber events that arise out of war.
Insurance professional Ralph Pasquariello offers a cautionary tale about one law firm that recently paid the price for cheapening out on its cyber liability insurance.
“I got called in to insure a firm here in Atlanta,” he recalls. “When I met with them over the last couple of years, they resisted my help and assessment of their coverages. Then, six months ago, they were involved with a business e-mail compromise that cost them $127,000.
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Many policies cover cyber terrorism, but might not cover cyber events that arise out of war.
With so many working remotely, cybersafety becomes a paramount concern for businesses and their employees.
This is how insurers can best manage cyber liability and help insureds comply with cybersecurity laws.
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