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Cyber Insurance: What You Need to Know to Advise Your Clients

Monday, October 16, 2017

Attorneys are now at the front lines in the battle for cybersecurity—for the businesses they advise as in-house counsel, for the businesses they represent as outside counsel, and for their own firms. Staying on top of emerging cyber risks can be challenging, and ensuring that businesses are properly protected—in terms of technology and insurance—even more so. But, as the WannaCry ransomware attack of May 2017 has underscored, no one is safe from cyberattacks, and there is too much at stake for businesses, and their counsel, to ignore their risks.

Because no one is safe, proper insurance is critical to protecting business bottom lines. Yet, many businesses are surprised to learn that cyber insurance policies do not provide the full panoply of protection assumed to exist in the fine print. For example, many popular ransomware coverages presume a precipitating threat to do harm which may be averted through payment of a ransom. But frequently, cybercriminals enact harm without making a preliminary “threat,” meaning that the cyber coverage may not fully respond to the most common risk to businesses.

Attorneys can help their clients avoid pitfalls like these by understanding business risk, how insurance may mitigate that risk, and what types of insurance best respond to common losses. This seminar provides an overview of those issues, including evolving cyber risks that businesses of all kinds will encounter, the types of insurance policies that may address those risks, and common gaps in coverage that, if unaddressed, may leave businesses exposed to huge, uncovered losses when they face cyber claims.