Some Cyber Insurance Policies Not Ready for the Big League

BOSTON, Sept. 18, 2019 /PRNewswire/ -- Cyber insurance has been in the market for quite a few years now.  Over time, when an insurance product has been around long enough it eventually becomes standardized.  Not so, yet, in the cyber market, so care is needed.

Even to this day gaps abound, per risk management consultant Licata Risk Advisors.  Some examples from policies proposed by brokers/insurers in mid-2019:

Cloud Applications Not Recognized

"Security Failure" is defined in the policy to include breaches of "the insured organization's computer system," with no definition of computer.

Read more: https://licatarisk.com/2019/09/13/some-cyber-insurance-policies-not-ready-for-the-big-league/

CONTACT: Frank Licata, 617-718-5901, flicata@licatarisk.com

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SOURCE Licata Risk Advisors