Cyber Attacks and Data Breaches are Not Limited to Fortune 500 Companies
Cyber attacks and data breaches are not limited to the Fortune 500. Small and midsize businesses are also victimized and targeted for cyber-attacks. Cyber risks are generally insurable, no matter the size of the policyholder.
Just this past week, the Insurance Services Office (“ISO”), introduced the ISO “Businessowners Program,” including cyber-related endorsements, complementary manual rules, and loss costs. ISO’s cyber products allow insurers to tailor coverage for business customers, protecting against data breaches, data replacement and restoration, cyber extortion, and business interruption.
As the understanding of cyber risk evolves and develops, so too will the insurance market. Policyholders and insurers alike must remain nimble and well-informed regarding new products such as this ISO product.
If you are interested in additional detail, please contact a member of our Insurance Industry Group.