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Insureds Without Cyber Policies Risk Falling Into CGL Coverage Holes

Cyber insurance is a complex, constantly changing product. A lot of energy and effort needs to be invested in understanding the coverage and exposure of this product, according to Jordan Kurkowski of Burns & Wilcox, who explains that the insurance product is in its infancy and grows with the expansion...

By Jordan D. Kurkowski | Updated on February 21, 2011

Every day small, medium and large businesses are victims of cyber crimes committed by hackers. There is a cyber liability exposure for every type of business operation—from “Mom & Pop” stores to multibillion-dollar corporations.

Some of the more widely publicized incidents include First Federal Savings Bank, which had $415,000 hacked out of a savings account, and Kaiser Permanente, a health care consortium, which was fined $200,000 for publicly posting 150 patient names and addresses. And these are just a few of the notable accounts. There are hundreds more instances that go unpublished.

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