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?
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EY legal contacts:
Manu Mohan – EY Law
Peter Katko – EY Global Digital Law Leader
Fabrice Naftalski – EY Global Data Privacy & Cybersecurity Law Leader
Douwe Mik – EY Netherlands Cyber Security Practice Leader
Michael Payne – EY Netherlands Senior Manager, Cybersecurity