In this interview, we spoke with Kimberly Patlis Walsh, President of Corporate Risk Solutions (CRS) who has over 20 years of insurance underwriting, program structuring, and multinational client risk advisory representation.
Unfortunately, several cyber attacks have been occurring, and recently, Costa Rica declared a state of emergency after ransomware hackers crippled computer networks across multiple government agencies, including the Finance Ministry.
The Russian invasion has also caused enormous damage to Ukraine’s internet infrastructure, promulgating the need for coordinated and bold responses. Geopolitics aside, the reality is any business that interacts with and/or depends on the internet for its existence can be a target, regardless of size.
Therefore, it is extremely important to have proper business and cyber insurance plans implemented for any type of business.
So, we spoke with Kimberly Patlis Walsh on cyber risks and attacks, business insurance, and how to protect and help prevent your business from cyber attacks.
Here Are Kimberly Patlis Walsh’s Responses To Our Questions:1. What is covered under cybersecurity insurance? What losses are exempted?
Kimberly Patlis Walsh:
A cyber insurance policy protects an enterprise for liability / loss arising out of (a) first party breaches (at the company itself and employee data (e.g., social security numbers, credit card numbers, bank account numbers, drivers’ licenses, health information or material non-public information), and (b) third party breaches (customer, vendor or other parties’ sensitive business data, health and/or data or their employees).
Typically all types of breaches (inclusive of amounts associated with actual ransom demands and/or malware, business interruption costs, and unencryption costs are included