Practical Tips For Evaluating And Investigating Cyber Incidents And Claims

According to a report from the Government Accountability Office, in 2021, American businesses and individuals were the targets of 26,074 cyber incidents, which resulted in almost $2.6 billion in economic loss

Data breaches represent one of the largest sources of business liability, which means cyber-related insurance coverage has become more important than ever.

Equally important is an insurer’s ability to assess damages and liability resulting from a cyberattack affecting its insured.

The first step in evaluating any cyber incident or claim is identifying, as soon as the insured reports the incident, any applicable policies and the coverages those provide.

It is also important to ensure that the insured has the resources in place to effectively respond to the incident as required by state and federal law and any applicable cyber policy.