The market for cyber business interruption cover is complex and the protection offered by different policies can vary widely so it is important to check policy wording carefully.
That is according to a new report from the International Underwriting Association, which warns that most current business interruption coverages are standalone policy extensions, the triggers for which are separately defined in the contract wording.
“The continued education of businesses about cyber risk exposures is an essential task, both at an operational risk management level and in the boardroom,” said Matthew Hogg, Chairman of the IUA Cyber Underwriting Group.
“As cyber is a relatively new and continually developing area of insurance the range of different cover available can be quite extensive. It is not available as standard across the market and so requires a discussion between…
