Corporate Counsel Perspectives on Cybersecurity Insurance Procurement

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Corporate Counsel Perspectives on Cybersecurity Insurance Procurement

During the Annual Meeting of the International Association of Defense Counsel (IADC) in Quebec City this year, an early morning insurance sponsored committee presentation on cyber security provided a very sobering view of the difficulties some companies were experiencing when seeking insurance coverage for cybersecurity or cyberattack situations associated with covering the companies’ business related risks. The view of the panelists, which included coverage counsel and brokers, was to the effect that most policies being procured specifically for cyber risks, were virtually useless because of the manner in which such policies were written. Those present during the meeting almost uniformly commented on the usefulness of the presentation and the need to get such information to IADC members generally. The Cyber Insurance Broker Conundrum. 7:30 am, Tuesday, July 11, 2017

Cybersecurity is perhaps the most constant and pressing concern for Corporate Counsel…