"Is Buying Cyber Insurance Worth It?" from Woodruff Sawyer addresses some of the common misperceptions about cyber insurance, and makes a strong case for consideration of coverage for an increasing number of cyber-related exposures - including the GDPR and CCPA (California Consumer Privacy Act) and associated data privacy risks. Among other things, the firm notes that benchmarking data on cyber coverage limits tends to understate the value of coverage based on the number of companies that purchase minimum limits to satisfy contract provisions in lieu of using an exposure-based analysis to determine appropriate coverage levels. The firm advocates conducting a proper analysis to determine the types and limits of exposure to better mitigate the company's specific cyber risks.
See our prior reports: "Contract Negotiation Tips: Data Privacy/Security Provisions" and "Cyber Insurance Trends," and additional information & resources on our Cybersecurity/Data Privacy page under Insurance. This post first appeared in the weekly Society Alert!