Overview (Program Summary)
A Lawyer’s Guide to Cyber Insurance
Liability and damages arising out of data breaches, ransomware attacks, and other cyber events pose a growing and significant risk to businesses and organizations of all sizes. Although certain commercial insurance policies previously provided limited coverage for cyber-related damages, the recent trend among insurers has been to exclude such coverage in non-cyber policies (e.g., CGL, D&O, etc.), effectively forcing insureds to purchase stand-alone cyber policies.
Because there is not yet a standard cyber insurance policy form, coverage can vary dramatically from one carrier to another. Each manuscripted policy includes distinct coverage grants, definitions, and exclusions, preventing an apples-to-apples comparison. Cyber insurance coverage is, however, negotiable and can be enhanced and tailored to the needs of the insured business. So insureds should not choose a particular cyber policy based solely on quoted premiums and limits. Instead, an insured should carefully evaluate and identify its most significant risks to ensure those risks are covered and be aware of certain exclusions and other provisions that may significantly impact the benefits available under a particular policy.
A Lawyer’s Guide to Cyber Insurance will address (1) the most common types of covered cyber risks; (2) key exclusions to be aware of; (3) recent caselaw addressing coverage for cyber risks; and (4) best practices for tendering claims and responding to claim denials.
- Important considerations when choosing a cyber policy
- Key coverages to understand
- Exclusions to avoid
- What to do when you have a claim
- What to do if your claim is denied
Josh Franklin - Partner, Franklin Soto Leeds LLP
Cheryl Dunn Soto – Partner, Franklin Soto Leeds LLP
Courtney L. Seely – SVP and Chief Legal Officer, CableLa