Creating a Web of coverage for cyber events: so-called cyber insurance policies have become widespread, but many policies may fall short of addressing the full range of possible computer-generated perils.(INSURANCE)

Financial Executive, April, 2008 by Carr, Michael; Silvestri, Mark

The experts who pioneered business insurance likely never envisioned a day when companies could be victimized by theft, yet still possess the stolen goods. Or have vital records damaged irreparably by a lone individual sitting in his bedroom halfway around the world. Or be sued for libel because of something written by a customer.

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Cyber insurance was created to address the evolving technology risk landscape, and many firms wisely are making such coverage an integral part of their insurance programs. Unfortunately, many cyber insurance policies fall short of addressing the wide range of perils that exist, creating a false sense of security that often is not evident until it's too late.

During the past decade or so,...

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