Searching for Cyber Exposure in Your Insurance Policies - There’s More Than You Might Think [Whitepaper]
Do you know where your Cyber exposure is? It’s actually a hard question for insurance carriers to answer, whether they underwrite specialist cyber policies or not. However, it’s a question that’s being asked more often than ever by rating agencies, regulators, business partners and board members - and they’re all expecting answers.
What’s becoming worryingly clear is that while many insurers assume Cyber exposure by underwriting specialized policies and endorsements, some are learning the hard way that they also cover cyber risk under their traditional insurance products.
In other words, one source of cyber risk is explicit coverage under Cyber policies while the other is more of a “silent” or in some cases overlooked coverage under some other commercial products.
Either way, the costs can add up.
In a new white paper from Gen Re, we’ve posed five important questions to help insurers better understand how and where they are covering data breaches and cyber liability across their portfolios:
- What is my exposure under traditional CGL policies?
- What is my exposure under Property, Crime/Fraud/Bond and other traditional first-party policies?
- What is my exposure under specialized Cyber policies versus traditional policies?
- How does my reinsurance address Cyber exposure across my insurance products?
- How will regulators, rating agencies, business partners, policyholders and board members measure my Cyber exposure and resiliency?
Gen Re devotes a lot of time and resources to answering these questions, and we can help you get a better picture of your Cyber exposures using the same process.
You might be surprised by some of the answers. So after you've reviewed our white paper, if you need help evaluating your products for Cyber coverage, just let us know.