Cyber Insurance: What Are You Buying?

In the article, Mr. Westerlind warns that, “Cybersecurity is no longer simply the responsibility of a company’s IT professionals and risk managers. It is also a key obligation of the board of directors. The board members’ fiduciary duties to the company’s shareholders and investors include the active oversight of the company’s enterprise risk management function.” Currently available insurance policies are designed to “provide breach response coverage in addition to liability insurance,” and Mr. Westerlind includes descriptions of the various coverages offered by one large insurer in this area of risk.
 
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