Reputational Harm: the new policy released to mitigate cyberattacks

Reputational Harm: the new policy released to mitigate cyberattacks

Standard cyber policies are now seen as an essential part of any business strategy, and rightly so. A cyberattacks can severely impact an organization of any size, and buying cyber coverage is a real no-brainer. But as the cybercriminals get smarter, so must the insurance products, which is why the creation of new ‘reputational harm’ products is so important for both brokers and their clients.
 
While a typical cyber policy covers legal, technology and customer-notification costs, a reputational harm policy covers financial losses suffered as a result of data breaches or other incidents of cybercrime. The majority of reputational harm policies have aggregate annual limits, so that a policyholder with $1 million in coverage could file a claim for $250,000 for one breach and still have $750,000 to cover future breaches

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