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Rick Betterley Reports on cyber insurance coverage trends.

Source: http://wrin.tv

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.