ARTICLE
23 October 2018

Silent Cyber Growing (Lack Of Cyber Insurance Coverage)!

FL
Foley & Lardner

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.
My friend Judy Greenwald reported for BusinessInsurance.com that "Silent cyber, cyber losses that affect insurance policies not specifically designed to cover cyber risk" ...
United States Insurance

My friend Judy Greenwald reported for BusinessInsurance.com that "Silent cyber, cyber losses that affect insurance policies not specifically designed to cover cyber risk" was significant and that a "survey of close to 700 participants from more than 100 insurance companies found that in 2017, fewer than half of respondents estimated the silent cyber risk to be greater than one cyber-related loss for every 100 non-cyber related losses." The September 17, 2018 report entitled "Threat of silent cyber grows significantly: Willis Re" was based on a "survey 2018 Silent Cyber Risk Outlook, issued by Willis Towers Watson's reinsurance unit" and included these comments:

In 2018, 60% to 70% of respondents estimated the silent cyber risk factor was greater than one in every 100 noncyber-related losses in all lines of business apart from workers compensation.

Actually this report is hardly a surprise!

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