September 26, 2014 Articles

A Guide to Cyber Coverage

The good news is that cyber insurance policies have become increasingly comprehensive in terms of the cyber protection they afford. The bad news is no one seem to understand them.

by Anjali C. Das [1]

Unless you have been living under a rock for the past few years (without a wireless connection), you are likely familiar with the countless news stories that unfold every day reporting seemingly fantastic tales of cyber espionage, hacker attacks, and myriad other data security and privacy breaches that have affected millions of people and companies across the globe. In fact, you might be one of the victims. As the Heartbleed episode demonstrates, no information on the Internet is truly safe.

According to some news reports, Heartbleed is a major flaw in encryption technology that is used by two-thirds of web servers.[2] Hackers could exploit this bug to gain access to individuals’ sensitive personal and financial information. In short, all personal and corporate data are vulnerable to some extent.

Even as some companies take greater precautions to safeguard their most valuable intangible assets, including sensitive customer and business information, it seems that hackers are employing increasingly sophisticated measures to gain access to the data. Sadly, the likely reality is that, at some point in time, you or your business may experience some form of cyber attack, which comes in various size, shapes, and forms. So what’s a company to do?

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