Experts warn that Business need Specific Cyber Insurance

Experts warn that Business need Specific Cyber Insurance

Businesses that believe that their general insurance coverage will protect them against the growing threat of cyber attacks are mistaken. A RSA Conference Panel heard from industry experts who warned that data breaches would not be covered by general insurance policies. AIG’s global head of professional liability said during a panel discussion that it is rare that cyber attacks would be covered by general insurance and cyberliability insurance is required to cover data breaches. She said that businesses also need to boost their cybersecurity or insurers will continue to be wary about raising their limits and scope of coverage. There was suggestion during the discussion that insurers could offer discounts on cyberliability policies if companies meet certain cybersecurity standards.