If current trends continue, cyber insurance coverage just may take its place alongside workers’ compensation, general liability, fire and auto insurance in the core commercial property and casualty package, meaning a business would be foolish to open its doors without it.
Indeed, for businesses such as online retailers, brokerages and some financial firms, the IT and data assets are the entire business—every bit as critical as the factory and warehouse are to the hard-goods manufacturer, or the vehicle fleet to a trucking company.
More and more companies are realizing that this reliance on IT creates a hornet’s nest of risks that can result in crippling losses. that conventional insurance coverages won’t respond to. These new issues call for a new category of coverage.