News of malicious intrusions by hackers stealing millions of personally identifiable information from businesses might grab the headlines, but the “bread and butter” claims that insurers see in far greater numbers can be just as involved and costly.
These claims involve privacy-related breaches that require strict compliance with a myriad of state and federal laws; incidents arising out of human error; lost equipment with unencrypted data, insider threat, and more.
In this Advisen Cyber Risk Network whitepaper, we speak with cyber insurers about the process of investigating these claims and the benefits in having coverage that responds not only to the less frequent hacker-driven events, but the events that are more likely to occur – and must be addressed as rigorously. These claims might seem run-of-the-mill, but cyber insurers observe that they can see insureds running into higher numbers than they might expect.
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