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According to some estimates, cybercrime costs the global economy more than $400 billion a year. On a corporate level, the average cost per breach is now at $7 million. While these statistics instill fear in some, they create opportunity for others. Insurers recognized the opportunity early on. As the old Wall Street saying goes, “sell into fear, buy into greed.” The fear was there. All that was needed was something to sell into that fear. Cyber insurance products quickly came to the rescue. Many of these cyber insurance policies, by design, covered very little. But they sold like hotcakes.
Corporate policyholders are more educated now than they were in the early cyber insurance days, but insurers still sell deficient cyber insurance products, and deny cyber insurance claims that should have been paid.
Please join Mark E. Miller, founding partner of Miller Friel, PLLC, as he addresses:
- Coverage under current cyber insurance policies;
- How cyber insurance policies can be improved through negotiation;
- Common bases for denials of cyber insurance claims; and
- Best practices for handling corporate cyber insurance claims.