Definition of Cyber Liability

Cyber liability (or, cyberliability) is a reference to Internet-based risks and those relating to information technology infrastructure and activities. Such are typically excluded from traditional commercial general liability policies. Coverages under cyberinsurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security audits, post-incident public relations and investigative expenses, and criminal reward funds. (Adapted from White House report)

Lawsuits over cyber issues have increased significantly, both due to increasing cyber crime and regulations requiring the disclosure of events, such as SEC guidance and state reps covering the loss of PPI (protected personal information). Companies that disclose loss of PPI are often subjected to suits.

More and more businesses are purchasing insurance to cover potential cyber liability. If you don't know whether your business has cyber liability insurance, it probably doesn't. Most policies written in past years do not include cyber liability insurance.

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Thursday, September 25, 2014

GM Appoints Its First Cybersecurity Chief

Jeffrey Massimilla, "will be in charge of the efforts to protect the computers that run GM cars.

GM says it has established 'one integrated organization, Vehicle and Vehicle Services Cybersecurity, to deal with cybersecurity for vehicles and vehicle-connected services. This team will utilize our internal experts and work with outside specialists, to develop and implement protocols and strategies to reduce the risks associated with cybersecurity threats.'"

The car maker is setting a security foundation for the coming age of "self-driving cars," which will no doubt be literal "moving targets" for hackers: Fortune


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