UK lawyer warns of cyber-insurance loopholes


Source: National Cyber Security – Produced By Gregory Evans

 Powered by Max Banner Ads In a presentation at the inaugural Cyber Security Start-up conference in London on Wednesday, Philip James, partner in the technology and digital media groups at Sheridans, spoke about intellectual property, security and how critical cyber-insurance is to a company’s security strategy. He mulled over what coverage cyber-insurance policies give you, and whether it can also cover suppliers such as web-hosting companies. This question alone, suggested James, should be one companies, including start-ups, are asking themselves. “If you have an insurance policy hopefully it will cover certain instances, such as for PR and penetration testing costs, but it might not necessarily cover everything. There will be exclusions, and it’s important to look at all of these.” James also said that cost could be an issue, citing one ‘sizeable’ customer who had been quoted £100,000 a year for a ten-year insurance cover. “It’s not workable at all,” he said, further adding that companies would naturally split security expenditure as a risk mechanism. “Don’t put all your eggs in one basket.” James picked up on his point highlighting a former boss of his – a CISO at a small financial services company who would later move onto to the […]

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