Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

Analysis

Cyber insurance may create false sense of security

Most of the losses expected in a substantial cyber security event are not typically covered by insurance policies, FM Global found.

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“As essential as cyber insurance is, the findings indicate financial executives may be deriving a false sense of security from it,” said Kevin Ingram, executive vice president and chief financial officer at FM Global. (Photo: Shutterstock)

Seven in 10 senior financial executives at the world’s largest companies believe their insurer would cover most or all of the losses their company would incur in a cyberattack. Many of the losses they foresee, however, are rarely covered by insurance, according to a new report by FM Global.

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