When is a cyber loss not a cyber loss?
There is a problem in the current insurance market. What insurers refer to as cyber insurance and what the majority of businesses consider as "cyber risk" are not quite the same thing.
Insurers tend to consider cyber losses as those involving hacking, viruses and breaches of data. Whilst these are all within the definition of "cyber" for most businesses, I think the meaning of the word goes a little further.
If you had your bank account hacked and lost funds as a result, or perhaps the unfortunate victim of a phishing attack or other cybercrime, then I think most businesses would consider the these to be within the realm of "cyber" losses.
Unfortunately, most cyber insurance policies will not cover losses of this nature. This is more properly covered under a commercial crime insurance policy. These are becoming more readily available and are starting to be built in to other policy wordings but it is definitely something that needs to be considered as part of your overall programme.
Contact me if you want further information.