As cybercrime is transforming at a rapid pace, so too is cyberliability insurance, according to Ben Beeson, a cybersecurity and privacy risk adviser at Lockton, in a recent post on Baker & Hostetler’s Data Privacy Monitor.
“Companies face real, tangible operational risks from a cyberattack today that could cause physical damage, business interruption or bodily injury,” he said. And with President Obama’s cybersecurity executive order, there is increased risk for the boards of companies, as “a benchmark now exists that shareholders could reference in the event of a major cyberattack,” he explained.
