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Clients considering cyberinsurance? Here’s what they need to know

A rundown of what potential buyers need to know when thinking about purchasing cyberinsurance.

By Judy Selby | Updated on May 11, 2017
Cyberinsurance typically provides for the retention of an attorney, a so-called breach coach, to coordinate the insured’s response to a cyber incident. (Photo: Shutterstock)

Today’s cyber risks come in all shapes and sizes, from disclosure of protected information due to hacking or employee negligence through network shutdown or impairment, regulatory violations, and everything in between.

Painfully aware that 100 percent cybersecurity is an impossibility, smart companies no longer focus exclusively on building cyber defenses. Instead, they are taking an enterprise approach to managing cyber risks, which includes development of a cybersecurity program that places attention on a number of issues, including network security, employee training and third-party risk. Even then, however, some cyber risks will remain. 

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