The Expert Podcast

• Discussing the necessity of cyber liability insurance for individuals and businesses.
• Understanding the lack of legal requirements for cyber liability insurance.

• Most standard insurance policies have exclusions for cyber losses.
• General liability policies often exclude coverage for data breaches and cyber attacks.
• Errors and Omissions (E&O) policies may exclude cyber-related damages.

• Differences in coverage: No standard cyber liability insurance policy exists.
• Importance of verifying coverages specific to your needs.
• Surplus lines policies: Custom terms and conditions from each insurance company.

• The widespread reliance on computer systems in various industries.
• Examples of cyber dependency: customer management systems, e-commerce, payroll, and manufacturing systems.

• Coverage considerations for third-party dependencies.
• Impact of suppliers’ cyber issues on your business.
• Need for coverage when your system compromises customer information.

• Certain industries may have licensing requirements mandating proper coverage.
• Contractual obligations that indirectly necessitate cyber liability insurance.

• Importance of consulting with an experienced insurance agent or broker.
• Assessing current coverage, identifying gaps, and determining the value of cyber liability insurance.
• Possible prerequisites for obtaining cyber coverage, such as implementing protective measures.

• While not legally required, cyber liability insurance can be crucial for mitigating risks associated with cyber threats.
• Ensuring comprehensive protection for your business and clients by securing the appropriate coverage.