As cyber risk and security issues continue to grow, companies are examining not only their cyber risk management strategies, but also their insurance coverage. A recent study from the Ponemon Institute reported that 70 percent of respondents either had a cybersecurity insurance policy or planned to purchase one in the next 24 months.
To assess how insurance can and should factor into a company’s cyber risk management strategies, organizations should be familiar with two general categories: (1) “traditional” insurance policies, such as commercial general liability (CGL) and property insurance; and (2) policies specifically designed to cover cyber risks (cyber policies).