Understanding the basics of encryption is important for Cyber Insurance (Data Breach, Privacy coverage). Some forms exclude claims arising from unencrypted portable media, and some underwriters will not provide any coverage if portable media is not encrypted (see our prior post on Encryption & Cyber Risk Insurance).
A recent article in Carrier Management entitled Encryption: What’s the Big Secret, provides a detailed look at encryption for insurance practitioners.
46 states also have safe harbor provisions regarding notification if the breached data is encrypted. Many statutes aren’t even triggered if the personal data is encrypted.
Cyber Insurance coverage is only one part of an overall cyber risk protection strategy, which includes encryption. Cyber Insurance provides protection from the risks associated with the use of technology, including data breaches, and is inexpensive.
As a specialty insurance broker, we provide Cyber Insurance and cyber risk expertise to all types of organizations. Get in Touch to address your questions and concerns about Cyber Insurance exposures, or review our website for additional specialty insurance information.
eSpecialty Insurance is your specialty insurance expert. We have developed a streamlined marketplace to provide multiple proposals from a range of competitive insurers, along with expertise to help you evaluate your exposures and choose the best combination of comprehensive coverage and price. We look forward to working with you.
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