Malware. Ransomware. Phishing. Wannacry. Petya. NotPetya. The
terminology of cyber attacks and cyber losses seems to change at a
bewildering pace. As technology continues to advance and businesses
become more reliant on their IT systems, cyber attacks will become
more sophisticated, leading to an increase in the size and volume
cyber insurance claims. This article discusses some of our
firm's experiences with how cyber attacks can result in a
business interruption loss.
What is Cyber Insurance?
Cyber insurance policies provide coverage for losses caused by a
cyber-related security breach. Losses can include ransom payments
(threats to destroy data or withhold decryption codes unless a
ransom is paid), theft of personal or commercially sensitive
information, business interruption during network downtime, and
various investigation and response costs.
