The insurance industry is still working to understand and get a handle on the extent and variety of cyber risks, says Ernest Martin Jr., a Haynes and Boone partner who chairs the firm’s insurance recovery group. Martin has seen more companies buying this form of insurance in the last 18 months and says that contractual language in cyber policies can vary widely from one insurer to the next. “Purchasing them is not as easy as purchasing general liability insurance,” he says.
There are also unresolved legal questions about coverage for damage to corporate reputations, which can endure long after a data breach has been fixed.
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