As the cyber insurance industry grows, develops, and gains a better handle on the risk – or at least aims for that goal – there remains the problem of property. Cyber-related property damage is the party that very few want to attend just yet in the cyber world and with minimal data and less than a handful of incidents that have or could have caused physical damage, it’s still easy to pretend the e-vite got lost in the e-mail.
That doesn’t mean that insureds, brokers, and insurers aren’t all watching warily for any event that tips the scale from “potentially huge” risk to “actual risk that’s happened and might quite readily happen again.” Successful, damaging cyber attacks on critical infrastructure and/or industrial control systems currently appear to be limited to the 2010 Stuxnet attack on Iran’s nuclear power facilities and “that German steel mill” in 2014, but if the recent indictment from the US Attorney General against seven Iranian hackers for remotely tampering with the control system of a tiny, relatively inconsequential dam in upstate New York, more efforts should be expected.
Read more at http://www.advisenltd.com/2016/04/28/blog-doors-open-come-on-in-and-join-the-cyber-property-party/
Erin Ayers, Blog: Door’s open, come on in and join the cyber property party (April 28, 2016), available with subscription at Advisen Cyber Front Page News.
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