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Key Issues In Cyber Insurance Policies
The surge in ransomware attacks has made familiarity with the provisions of cyber insurance essential for professionals in the entertainment industry, which is among prime targets of ransomware operatives. Experiencing a deluge of cyber-breach incidents and claims, the insurance industry has upped its cyber liability product offerings. But with the market still in its relative infancy, is there clarity around coverages and expectations, considering that the risks faced by each organization can be quite nuanced?
With carriers racing to keep up with evolving risks, there are bound to be misunderstandings. There are important differences between first-party and third-party cyber liability policies. And policies often include sub-limits for certain coverages.
Consider a classic wire transfer fraud. The insured proceeds to its carrier to make a claim on a cyber insurance policy only to find out that such claims really don't fall under the policy. Was it an error or omission on the insurance broker's part not to have included or suggested this coverage? If courts apply the so-called "reasonable expectations doctrine" or find ambiguities in an insurance policy, they may likely find coverage under the policies. Policyholders' lawyers will then include bad faith claims, arguing there were unreasonable or reckless claim denials.
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