With 'Anonymous' hackers and negligent mistakes affecting even the biggest business entities, the importance of cyber liability insurance is increasingly becoming apparent. PC360 spoke with Michael Palotay, senior vice president of underwriting at NAS Insurance Services, about important trends in cyber liability insurance and what to look out for when assessing a company's risk.
Q: What are some current trends in Cyber Liability coverage?
MIKE: A lot of carriers are jumping into the market—many of which haven't written the coverage before. It's a tough coverage 
to jump into because handling the claims correctly is so imperative. When a breach occurs, it's important to have the experience to know exactly how to respond as quickly as possible and do what it takes to minimize the impact on the insured's reputation—which can be substantial—as well as minimize the chance of a third-part lawsuit against the insured.
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