Cyber liability insurance market: Equal parts promise and peril
When it comes to cyber threats and how they continue to evolve, Adam Cottini, managing director of Gallagher’s Cyber Liability practice, offers a chilling assessment: “You have the known and the massive unknown.
The potential damages are at once serious and extensive: Physical loss. Financial loss, in myriad forms. Reputational loss. All of these perils are woven into a threat from which no insured is truly safe, regardless of their size or the industry in which they operate. As the digital frontier expands, every single client, to a greater or lesser degree, is exposed.
Acknowledging the intersection of cyber liability, business interruption and property policies is particularly important when determining how clients may — or may not — be covered for a cyber loss, and just which policy is triggered depending upon how the incident occurred. As Laura Rieben, director of privacy for Independence Blue Cross’ internal audit division, stated during a panel at ALM’s cyberSecure conference in New York City on Dec. 5, 2017, “The devil’s in the sublimits.”