A recent article published by Securityroundtable.org highlights the vulnerabilities businesses face in a world of e-commerce and interconnectivity, and how proper planning through a tailored cybersecurity program that includes – among other components – appropriate insurance coverage for cyber risks can help prevent a successful attack and mitigate the financial impact should one occur. Whether the issue is prevention or risk mitigation, cybersecurity should be at the top of the corporate agenda. As discussed in the Securityroundable.org article, Lisa Sotto, chair of the global privacy and cybersecurity practice of Hunton & Williams, explained at a recent briefing and crisis planning exercise in New York City that “it’s been a complete revolution. The cyber environment has just exploded…We could not have predicted this five years ago. There is no question that cybersecurity is a top priority for C-suites and boards. It is now recognized as a basic risk issue by every company.” Walter Andrews, chair of the insurance coverage practice at Hunton & Williams, addressed the insurability of cybersecurity risks, explaining that, “we’ve seen a sea change in a lot of areas in the last two years…There will always be liability no matter what, but cyber insurance has gone from a product a few companies acquired to one held by almost all. In fact, today regulators and boards require it.” For a recap of the entire briefing and crisis planning exercise, see the full Securityroundtable.org article, which can be found here.
