On the Rise: Cyber Exposure, Risk and Liability Coverage
Cyber risks are increasing, both in quantity and in complexity. Organizations in every industry are faced with the increased possibility of reputational harm, legal exposure and business interruption that can bring productivity and profits to a halt. Given the evolving risks associated with today’s cyber events—risks that could possibly cripple business—wise companies will increasingly look to secure new coverage against cyber exposures where traditional policies lack required and needed protection. Companies that decline to purchase cyber liability policies or have major deficiencies in coverage will find the gap between newer cyber policies and traditional products more significant.
Cyber liability insurance, whether purchased to run parallel with existing insurance products at an increased premium, or as a separate insurance policy, provides coverage for both first and third incidents, as follows:
First-party business interruption coverage protects the policyholder from an irrecoverable loss of turnover due to the occurrence of a cyber-loss. For example, coverage extends from losses arising from the unauthorized access of a network, suffering from a distributed denial of service attack, and to loss of service due to police/forensic investigation.
Third-party claims are the liabilities of the policyholder to outside agencies. These would include class actions, breach of confidentiality/privacy and personal data related claims.
Specialty Claims Expertise Cyber events and resulting liabilities create significant risk because of its complexity, scope and severity. Risk and insurance companies need the security and confidence that every aspect of their claims will be handled by a highly skilled team of professionals who comprehend these issues, including how to navigate through the complex legislation that governs cyber liability around the globe. Crawford Global Technical Services® (GTS®) can help.
GTS has the depth of knowledge and skill to respond quickly to a myriad of cyber events. Our experienced teams assess and introduce immediate measures to effectively mitigate and manage any claim including but not limited to the following:
The Benefits of Crawford GTS®
The global risk and insurance community need a team of experts with the experience and industry focus required to evaluate and assess damages under extreme conditions. Crawford GTS has the commitment, skills, resources, technologies and experience to meet the unique needs of each client.
Crawford GTS Key Service Features:
For more information about our Cyber Risk Services, please contact our specialist:
Paul Handy BSc (Hons) MBA ACII FCILA FUEDI-ELAE FIFAA ACMI
Operational Head of Cyber Risk
T: +44 (0) 207 265 4320
M: +44 (0) 7827 879187