Traditional cyber insurance policies do not cover physical damage or bodily injury resulting from a cyberattack. It covers electronic data loss, privacy violation, and first-party coverage for system recovery. In recent years, insurers have excluded cyber-related losses from property, casualty, marine, and other policies. Companies can resolve this by working with skilled underwriting teams to cover excluded physical damage and bodily injury. Insurance broker Woodruff Sawyer offers a three-step process for addressing cyber physical damage risk by identifying digital and physical assets at risk, running insurance portfolio stress test, and taking specific needs to the global insurance markets.
Cyber attacks and data breaches | News
Recent ransomware attacks and data breaches have disrupted businesses and compromised personal data. In February 2024, United Health Care was forced to pay $22m to
