Beecher Carlson’s Chris Keegan Featured in Risk & Insurance Cyber Article
Cyber: A Tale of Two Markets
Inconsistencies in the cyber insurance policies can lead to “Swiss cheese towers” of coverage.
You know a risk category is mature when people start to refer to it as “traditional.”
The cyber market is a perfect example. Despite the evolving nature of cyber risk, the industry has developed a set of traditional coverages that are well understood by underwriters and buyers alike.
Those policies include both first- and third-party coverage for well-known risks like privacy liability, breach response costs, cyber extortion and lost revenue from a hack; however, non-traditional risks such as physical damage and bodily injury resulting from a cyber breach or system failure pose new threats and challenges.