The cyber insurance market continues to evolve and mature with coverage enhancements, along with an abundance of carriers. With so many carriers entering the market, it’s more important than ever for companies to take their time and read the fine print.
In their session Tuesday at InfoSec World 2020, "Cracking the Cyber Liability Code," two representatives from RLI Insurance, Sean Scranton, RLI’s cyber liability national practice leader, and Shelly Thomas, a senior underwriter for cyber liability, discussed all the different choices and questions companies should ask.
Scranton and Thomas laid out the characteristics of many of these policies, saying insurers love data, but it’s not always easy for customer to find because each insurer considers it proprietary. Customers also need to understand that cyber insurance is not like auto or home policies where there’s typically standard language. Cyber policies are continuously evolving with the market and regulatory changes. Even basic definition vary and for the larger companies programs are individually crafted by brokers. It’s also possible that cyber-like coverage exists in other polices, such as building and personal property plans, business income and extra expense coverage, business owner’s policy and commercial crime coverage.
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