The Word Is Getting Out
Not having some sort of cyber risk insurance in today’s world is like not having flood insurance if you live in an area prone to hurricanes. The key is to understand the terms of your policy and to use Cyber Insurance Manager to ensure that you remain in compliance with those terms.
Here are some news articles that underscore the hidden risks associated with cyber risk insurance.
What Does Cyberinsurance Actually Cover?
Businesses Are Finding Out That Cyber Insurance Coverage Might Not Be What They Thought
Avoiding The Most Common Cyber Insurance Claim Denials
That is where we come in. Cyber Insurance Manager for Cyber Liability Insurance combines automated scanning, manual input, with machine-based auditing to produce verification reports for specific insurance carriers and demonstrate due diligence on an on-going basis.
Proving that you are providing “due care” for your network data is the only way to guarantee a payout.
Big Companies Thought Insurance Covered a Cyberattack. They May Be Wrong.
LONDON — Within days of a cyberattack, warehouses of the snack foods company Mondelez International filled with a backlog of Oreo cookies and Ritz crackers.
Mondelez, owner of dozens of well-known food brands like Cadbury chocolate and Philadelphia cream cheese, was one of the hundreds of companies struck by the so-called NotPetya cyberstrike in 2017. Laptops froze suddenly as Mondelez employees worked at their desks. Email was unavailable, as was access to files on the corporate network. Logistics software that orchestrates deliveries and tracks invoices crashed.
Even with teams working around the clock, it was weeks before Mondelez recovered. Once the lost orders were tallied and the computer equipment was replaced, its financial hit was more than $100 million, according to court documents.
After the ordeal, executives at the company took some solace in knowing that insurance would help cover the costs. Or so they thought.
Mondelez’s insurer, Zurich Insurance, said it would not be sending a reimbursement check. It cited a common, but rarely used, clause in insurance contracts: the “war exclusion,” which protects insurers from being saddled with costs related to damage from war.
Mondelez was deemed collateral damage in a cyberwar.