Ever stealthier hacktivists targeting everything from big banks to nonprofits have made cyber liability the hottest new thing in the insurance business, with at least 50 companies in the U.S. alone — including San Antonio-based SWBC — pitching policies.
But financial and cybersecurity advisers caution that the underwriting is for risks that are only beginning to be known, and companies need to be clear on what is and isn’t covered.
“I think the bottom line with insurance coverage is that the company does not take the position that it’s the be-all, end-all,” said Leo Munoz, a financial forensics specialist with Padgett, Stratemann & Co. “They can’t advocate their entire security on just insurance coverage. They need to be proactive in understanding what their risk profile is.”
The growing threat is well-documented: According to the Poneman Institute, the average cost of a large data breach was $3.5 million, 15 percent more than estimated in 2013.
There’s no question the cyber insurance sector is booming. For the full article click here
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