Cyber insurance is becoming broader and more affordable, although it’s worth shopping around for the policy that best meets an organisation’s individual needs, according to a panel of industry experts speaking during a webinar organised by Advisen.
There has never been a better time to buy cyber insurance, according to David Derigiotis, Head of Professional Liability at broker Burns & Wilcox. He has seen cyber insurance coverage in the US continue to broaden and prices reduce. There are now more insurers offering specialist cyber insurance, with many providing ‘very adequate’ first and third party cover, he explained. It is also possible to obtain full limits for regulatory fines and separate limits for business interruption and systems restoration, he added.
While Fortune 500 companies will find capacity is ‘tight’ and ‘extremely challenging’, most buyers should be able to find the cover and limits they need, according to Mr. Derigiotis. “You just need to know where to look,” he said, adding that London is currently the lead market for cyber insurance in terms of pricing and coverage.
Source: Cyber Security Intelligence