We continue to alert our clients about the increasing need for cyber insurance. Especially when we continue to hear that one of the largest cyber liability insurers Lloyd’s continues to limit coverage—right at a time when nation states are ramping up attacks. Insurance companies are paying out and are now adding in clauses limiting claims based on “acts of war”. With most of the cyber attacks initiating outside of North America, denial of coverage may come down to this very clause.
Frustrating for sure. My hands go up too and say, why bother at all then.
However, failing to implement, maintain & adhere to cyber security measures are still the main reasons for denial of claims. Coverage denial is no joke and could prevent a company from getting proper business insurance or at least increase their rates.
My question for you: what’s your plan?
We have seen simple cyber insurance check lists to very detailed documents from insurance companies. Check out our previous article on Cyber Insurance Terms Debunked.
We offer a Free Cyber Risk Assessment and are happy to work with you and your team to put an Incidence Response Plan in place based on your organizations needs. Learn more at https://birmingham.ca/consult