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.
“An Expensive Problem”: Cracking the Cyber Insurance Conundrum
Rampant ransomware attacks have hit the healthcare industry, with incidents increasing by more than 600%, costing an average of $10 million per breach. This has
