Traditional commercial general liability and property insurance policies typically exclude cyber risks from their terms, leading to the emergence of cybersecurity insurance as a “stand alone” line of coverage. This coverage provides protection from a wide range of cyber incident losses that businesses may suffer directly or cause to others, including: costs arising from data destruction and/or theft, extortion demands, hacking, denial of service attacks, crisis management activity related to data breaches, and legal claims for defamation, fraud, and privacy violations.
Few cybersecurity insurance policies, however, provide businesses with coverage for an area of growing private and public concern: the physical damage and bodily harm that could result from a successful cyber attack against critical infrastructure.
Many companies forgo available policies, however, citing as rationales the perceived high cost of those policies, confusion about what they cover, and uncertainty that their organizations will suffer a cyber attack. Prudential Associates has experience in advising clients not only of available policies to match their risk threat, but also advocating companies on the multitude of benefits in obtaining a policy. Our staff also has experience in working with clients on what to do when there is a claim arising from a covered type of threat or service, and we will walk clients through the process of filing with insurance companies.