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Insurance Coverage for the Internet of (Defective) Things - Insurance Coverage

Insurance Coverage

Posted on: Nov 15, 2016

By Nicholas B. Reuhs, Ice Miller LLP

Over the past decade, a series of high-profile security events brought considerable attention to how our business and personal information is collected, stored, and protected. Companies and organizations have responded to public sentiment and government pressure by fundamentally changing the way that confidential information is handled. Attorneys, regulators, and lawmakers have responded by creating and crystalizing a whole new category of liabilities: data breach response and privacy liability.
At the same time, an increasingly interconnected world has led to a tidal wave of “cybercrime.” This new business risk runs the gamut from ransomware and cyber-extortion to funds transfer fraud and cyber-vandalism.
As privacy liability and cybercrime caught the attention of business owners and boardrooms, the insurance industry responded with gusto. Seemingly overnight, insurers realized that current policies were ill-prepared to respond to these risks and cyber-insurance grew from a niche product to a multi-billion dollar industry. Insurers and insurance brokers developed new expertise. Policyholders walked, then ran, into the cyber-insurance market.

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