Rick Betterley Reports on cyber insurance coverage trends.
WRIN.tv spoke with Rick Betterley, author of the Betterley Report, to get his thoughts on cyber insurance coverage. He concurs with the findings in a recent benchmark report published by Marsh that said more corporate customers are purchasing cyber insurance, and those that have it are buying more. As a relatively new product, many insureds do not have cyber insurance yet, but more and more companies are purchasing coverage.
- Liability (defense / settlement)
- Breach and response (forensics costs from data breach)
- Business interruption
- Cyber extortion
- Regulatory response cost
- Theft (beyond cyber extortion)
Risks that are not covered effectively or currently covered under policy:
- Theft for intellectual property
- Terrorist attacks / state sponsored attacks
Rick discusses new trends toward a highly protected risk approach to cyber exposures, including loss prevention and mitigation. From a coverage approach there are trends towards highly protected risk approach towards preventing and mitigating loss.