Richard Hodson, a recognised authority in the brokerage cyber insurance, pointed out that cyber risks are generally not covered by property or business interruption insurance. This article from the Evening Standard illustrates the importance of a good broker, understanding what cover you need and always reading (and/or taking good advice on) the policy wording to ensure the coverage is adequate.
The next Early Check-In hotel breakfast seminar is on 19 September 2019.
Mactavish’s CEO Bruce Hepburn is particularly vexed about cyberinsurance, where clients think they have cover but insurers with standard policies are not ensuring that the policies are fit for purpose...the insurers and brokers do agree to the changes but it has to be demanded. It isn’t automatically offered.
It has the potential to be a car crash if a big cyberattack takes place and clients and insurers have a different opinion of what is or is not covered.