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Key cyber insurance issues hitting the cannabis industry

From reputational harm to third-party risks, review the challenges facing the cannabis industry when it comes to cyber insurance.

“The reality is we are starting to see more cyber incidents in the cannabis industry as a whole,” Michael Peters, of PL Risk Advisors, said. (Credit: Cascade Creatives/Shutterstock.com) “The reality is we are starting to see more cyber incidents in the cannabis industry as a whole,” Michael Peters, of PL Risk Advisors, said. (Credit: Cascade Creatives/Shutterstock.com)

As with every industry, the need for cyber insurance is growing for the cannabis sector. However, this is not the perception in the market, with many seeing marijuana businesses as being low-value targets for hackers, according to thought-leaders on a Farella Braun + Martel LLP webinar.

“The reality is we are starting to see more cyber incidents in the cannabis industry as a whole,” said Michael Peters, product leader and professional liability broker for the cannabis division at PL Risk Advisors. He added that even more worrisome is the range of sectors covered by cannabis, spanning cultivation and wholesale to retail, in addition to having a medical standpoint.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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