As cyber-attacks continue to surge—a risk heightened by the coronavirus pandemic—the need for cyber-insurance is growing more urgent each day. But it’s critical for companies to first familiarize themselves with how to navigate the labyrinth of cyber-insurance products on the market so they are properly covered.
Variations of cyber-coverage have been around as early as the 1990s, arising with the “dot-com” era. At that time, policies generally covered legal claims resulting from data breaches. Since then, cyber-coverage has evolved dramatically, with each policy having its own dizzying array of terms and conditions, exclusions, and loopholes. Many large insurance providers now even offer standalone cyber-insurance, filling in the gaps of exclusions often found in general property insurance policies.
