Thomas Bentz Jr is a Partner in our
Washington D.C. office
There was no shortage of stories about massive data breaches in
2014 and things likely won't slow down in 2015. As these
stories continue to grow in number, corporate America has started
to explore ways to insure against this risk. In this blog post, we
explore what is covered by a typical cyber-risk insurance policy
and review other policies that may protect against a cyber
event.
Cyber Insurance – A Brief History
Cyber insurance is a relatively new concept. The first policies
did not appear until the late 1990s and there have been constant
changes to the forms and the protections offered ever since. Today,
there are approximately 25 insurers that offer some type of cyber
risk coverage. However, the coverage provided varies wildly between
different insurers. In addition, the market is in flux with new
coverage and new forms appearing nearly as often as new cyber
claims are being reported.
