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Five Tips for Buying Cyberinsurance

By Peri N. Mahaley

Massive cyberattacks and data breaches have become routine. The window of opportunity for obtaining insurance coverage for the resulting costs under “traditional” first-party or general liability policies is rapidly closing. Courts have ruled inconsistently, and the insurance industry has responded to the exponential increase in exposure by endorsing policies to exclude such losses. Brokers and bloggers everywhere are urging the purchase of specialized “cyber” insurance to cover the resulting costs. A relative novelty only a few years ago, cybercoverage is now a must-have for many businesses.

That said, many businesses are being sold costly policies that include coverage they don't need or that fail to address key areas of risk. Here are five tips to help you find the form that fits.

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