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The bigger you are, the harder you fall. For a Fortune 500 company, the ripple effects from a cyberattack can be far-reaching and result in big losses at the time of the breach as well as later down the line.
“Just the stature and the name brand of these organizations means that from a compliance and statutory basis, there’s heightened cyber risks for organizations of that size. From a reputational risk perspective, those are the names that if somebody is going to have a cyber incident or cyber breach, you’d probably most likely hear about it,” said Dale Chow, senior vice president of professional lines for Allied World Bermuda.
Over the last two decades, as the cyber risk and insurance field has developed, a new area of exposure has opened up for the Amazons and Googles of the world.
“You’ve seen a real evolution from what was traditionally third party liability-type exposure and coverage to more of a first party notification cost and forensics, to increasingly what is a business interruption exposure,” said Chow. “That is again another area where I think Fortune 500 companies, probably even more so than smaller entities, have a risk…
