Zurich Denies Sony Cyber Claims

Even a big corporation like Sony is not covered for cyber crimes by their General Liability policy. Is this a shocker? You bet. As more and more companies get nailed by the cyber hackers, insurance companies are having to adjust claims and  guess what , cyber crimes are just not covered under the GL. Now will the industry respond? It is going to have to. More and more cyber risk is being created with the computer era. The insurance industry will have to create coverage forms and products to help companies transfer cyber risk. Right now is a treacherous time for companies as cyber thieves are rampant and the insurance industry has yet to really develop cyber liability insurance products that are easily assessable.  Fundamental risk management without the ability to transfer risk financially to an insurance company is going to be a challenge for risk managers. Until next time be careful out there and know your risks. K

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