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Insurance Business | 07 Feb 2014, 08:29 AM Agree 0
Cyber risk-related claims and litigation costs are on the rise – and confusing insurance coverage coupled with impending legislation could make things even worse.
  • Robert Cooper | 07 Feb 2014, 04:11 PM Agree 0
    The insurance market is heading into different direction on these risks. There are the increased risks to IT Consultants, there are the Multi-media type risks relating to online publishing, then there are the Cyber crime policies relating to fraud and embezzlement, next just a Cyber Liability cover if you have breached your duty of care to clients by being hacked into and finally a Cyber Risks policy which should cover the costs to fix and restore your systems, cover the Business Interruption exposure as well as the liability exposure for breach of confidentiality etc. Currently there are only a few that offer the latter, but this is a policy that any business depending on their IT systems to do business should have.

    So at the moment its horses for courses but one that will develop and evolve. At the moment, Insurance Brokers need to get their heads around all these options available because it will be a very long time before they all evolve into a common type wording we can be easily familiar with.
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