Clive O’Connell, Head of Insurance and Reinsurance, took part in CDR’s (Commercial Dispute Resolution) Summer Litigation Symposium. In its third year, the one day conference had a renewed focus on a number of strategic dispute resolution issues. Chaired by Peter Wright (Law Society of England & Wales, DigitalLawUK) the penultimate panel considered cybersecurity, the recent attacks and the upcoming General Data Protection Regulation (GDPR).
Clive stated,“cyber insurance is absolutely necessary: without it companies are in very real risk but it is relatively novel and the perils themselves are evolving constancy and trying to get the right type of cover is a moveable feast.”
Care needs to be taken as all policies do not have the same cover and exclusions and the same terms. An insurance should suit the specific requirements and be a part of the general cybersecurity plan, and when renewing it, the new terms should be reflected in that plan.
“When a disaster strikes, work closely with your insurer, most insurance policies require immediate notification and not to make any admissions of liability,” Clive said, adding that companies need to deal with all arising conflicts and not to do anything which can affect the insurance protection.
The full article was first published by CDR and can be accessed here.