General Liability vs. Cyber Liability Insurance
October 20, 2014 • RBS
As discussed last month, it seems that Cyber Liability Insurance is still confusing a lot of people. There has been even more talk recently why Cyber Insurance is problematic when the real issue is that company’s are trying to find coverage under their General Liability policies (GL).
Risk Based Security recently provided comments on this issue in a recent article by DARK Reading entitled Why You Shouldn’t Count On General Liability To Cover Cyber Risk. For some reason, it seems people continue to look for issues with cyber insurance, instead of focusing on the value it can provide.
Here is a quote from our CISO in the article:
“The reality is that it’s not the spirit of general liability coverage, it’s not the intent of the coverage, and even P.F. Chang’s knows that, because it is rumored that they have a distinct cyber policy,” says Jake Kouns of Risk Based Security, who gets annoyed when cases like these are painted by the media as a knock against cyber liability policies when they’re actually about disputes over general liability policies. “I just get slightly frustrated when people see something like that and they immediately jump to the conclusion that, ‘Oh, this is a slimy industry, you can’t trust cyber liability insurance.’ “
The article provides a good overview and is worth taking the time to read.