Cybercrime, including ransomware attacks and data breaches, is one of the top challenges confronting organizations globally. Businesses are suffering staggering cyber-related losses, estimated at $60 billion each year. Claims are also rising, and insurance policies continue to develop and mature in response to evolving risks and exposures.
The cyber insurance market, not surprisingly, is taking steps to limit its risk profile, often in the form of new or broadened policy exclusions. As the demand for cyber insurance – and corresponding premiums – escalate, coverage counsel can provide valuable guidance by analyzing insurance gaps, enhancing policy language and resolving coverage claims.
To support our clients in navigating cyber claims and preparing for the future, Reed Smith’s policyholder lawyers have written a series of articles, tips, updates, checklists and Q&As covering many aspects of cyber liability coverage. Review the articles below to learn how to minimize your exposure and maximize potential insurance recovery in the event of a loss or claim.
We invite you to reach out to Andy Moss, Mark Pring, Carolyn Rosenberg, Cristina Shea or any of our other cyber insurance coverage lawyers to discuss the challenges and topics we address and what they mean for your organization. We are also happy to create a training program on any aspect of cyber liability and coverage.