While I wrote this article for a wine industry audience, the information in it is relevant to every company that is in any way connected to the internet. You should consider whether your insurance coverage adequately addresses your actual cyber risks today.
Cyber insurance can cover some of the more well-known risks, such as the costs to investigate and respond to the loss or theft of personally identifiable information. But cyber insurance won’t cover everything. It often will not cover bodily injury and property damage due to a cyber attack, which now is a real risk for certain companies whose critical infrastructure or products are internet-connected. Cyber insurance can provide business interruption coverage due to a cyber attack, but this coverage is often quite limited, though broader and better coverage is now starting to emerge in the market.
As a result, my article suggests that companies take a close look at what their real cyber risks are and then holistically review their insurance programs (not just the cyber policy, but also “traditional” policies such as property insurance) to ensure they are adequately protected.
Read the full article on fbm.com: Winery, Vineyard Cyber Attack Risk Grows With Web-Connected Systems