Legal challenges are shaping cyber insurance discussions

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The latest EY Global Information Security Survey reveals that only 65% of organizations believe they have cyber insurance that meets their needs. Two recent, significant, legal actions indicate that as cyber threats and their associated risks increase, even the remaining 35% of organizations may not be adequately covered by insurance. The two cases raise a number of questions about the direction of cyber insurance.

  • As some cyber attacks are alleged to be motivated by nation-state-driven agendas, should the exclusion for warlike situations in insurance policies be renegotiated?
  • Are insurance policies providing sufficient coverage for shareholder lawsuits that may follow a cyber breach?
  • It seems like insurance premiums will rise as cybersecurity risks increase. What can be done to reduce costs?

Read the full feature here.

EY legal contacts:

Manu Mohan

 

Manu Mohan – EY Law

 

 

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Peter Katko – EY Global Digital Law Leader

 

 

Fabrice Naftalski

 

Fabrice Naftalski – EY Global Data Privacy & Cybersecurity Law Leader

 

 

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Douwe Mik – EY Netherlands Cyber Security Practice Leader

 

 

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Michael Payne – EY Netherlands Senior Manager, Cybersecurity