An experienced cyber insurance broker’s reply to my blog
This reply to my blog, Should I buy cyber insurance? is written by David McNeil, principal, of EPIC Insurance Brokers & Agents. He brings 20+ years of professional industry experience to the topic on cyber insurance. Some of Alvaka Networks' clients have been utilizing Dave's services for many years.
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Hi Oli,
Always enjoy your insights and thoughts on Tech-related subjects. Lately, the plethora of headlines regarding cyber-related issues has meant the interest in cyber-insurance has reached a new level. This is a huge topic and this comment can only scratch the surface.
That said, a bit of an insider-view may be helpful…
Currently, cyber-insurance coverage forms are NOT standard (ISO) forms. As a result, insurance carriers forms differ greatly. Many parts, definitions, limits and coverage triggers are negotiable.
Definition negotiations are critical. It is important to know what to look for and how to modify a particular carriers form to best suit the needs of a specific client/insured.
EXAMPLE: Trigger for Notification of a Breach - (A hypothetical…. Sort of)....