Organizations considering stand-alone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage according to some of the tips offered in a newly released RIMS report, ‘Cyber Insurance: Considerations for Businesses’.
Authored by Teri Cotton Santos, a member of RIMS External Affairs Committee and senior vice president, chief compliance and risk officer at The Warranty Group, the report explores the potential for traditional policies to cover cyber events, as well as first-party coverages, third-party coverages and additional needs. Additionally, the report provides a series of potential cyber insurance nuances that risk professionals must consider.
“Insurance providers are challenged with trying to keep pace with the evolving cyber landscape and develop products that help clients protect their organizations,” said Ms. Cotton Santos. “Working closely with your broker can help insureds purchase coverage that addresses key risks to the organization that can result from a cyber event.”
The report is available in the RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge
