Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) continues to evolve as the insurers try to keep up with rapidly changing technology and the growth of cyber crime. For a variety of reasons, including this evolution, Cyber Risk Insurance policies are not all the same. KrebsonSecurity notes that an insured is suing its Cyber Risk insurer for failing to cover a cyber crime loss (see here). It appears that the policy in question is actually a Crime policy, not a Cyber Risk Insurance policy. But the situation is a good example of the challenges of obtaining proper Cyber Risk coverage. We are not surprised by the suit and expect more of these situations. Why: Exposures...
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