Insurance As A Cybersecurity And Privacy Risk Management Tool

While organizations primarily manage cybersecurity and privacy risks through practices, policies and procedures, organizations often look to manage residual risks through insurance. Two recent Canadian cases illustrate how traditional insurance policies might provide limited or no coverage for losses and liabilities resulting from cybersecurity and privacy incidents.

Organizations that seek to manage residual cybersecurity and privacy risks through insurance should seek expert advice to ensure that the scope and amounts of insurance coverage are adequate to meet their requirements.

Cybersecurity and Privacy Risks

Cybersecurity risks are risks of losses and liabilities suffered or incurred by an organization resulting from a failure or breach of the information technology systems and data used by, or on behalf of, the organization or its business partners. Privacy risks are risks of losses and liabilities suffered or incurred by an organization resulting from