WRIN.tv spoke with Rick Betterley, author of the Betterley Report, to get his thoughts on cyber insurance coverage. He concurs with the findings in a recent benchmark report published by Marsh that said more corporate customers are purchasing cyber insurance, and those that have it are buying more. As a relatively new product, many insureds do not have cyber insurance yet, but more and more companies are purchasing coverage.
- Liability (defense / settlement)
- Breach and response (forensics costs from data breach)
- Business interruption
- Cyber extortion
- Regulatory response cost
- Theft (beyond cyber extortion)
Risks that are not covered effectively or currently covered under policy:
- Theft for intellectual property
- Terrorist attacks / state sponsored attacks
Rick discusses new trends toward a highly protected risk approach to cyber exposures, including loss prevention and mitigation. From a coverage approach there are trends towards highly protected risk approach towards preventing and mitigating loss.