Monday, June 22, 2020

Cyber Insurers Increase Scrutiny of COVID-19 Claims As the Pandemic Increases Their Submission

Businesses hoping to rely on cybersecurity insurance coverage to offset the cost of a data breach may have a more difficult time recouping their losses. According to reporting by The Wall Street Journal, insurers are becoming increasingly critical of cybersecurity-related claims. Specifically, companies are adding questions to surveys used to calculate premiums and assess damages.
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In some ways, this change is the result of a rapid shift to remote work. As we’ve covered extensively, remote work comes with many cybersecurity risks, and insurers are hedging their bets, assuming that they could incur an influx of claims as companies fail to grapple with the ramifications of remote work. For businesses, this is a reminder that they shouldn’t rely on cyber insurance to bail them out if they have a cybersecurity incident. Instead, they should invest in the tools that can prevent a cybersecurity incident in the first place.    

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