The need for cyber liability insurance is becoming more recognizable and prevalent even to those business owners and decision makers that have thus far been hesitant to purchase a policy. Current world events are raising awareness and the urgency of those who previously were not concerned for cyber attacks to reconsider their position. In case the dire warnings of impending attacks were still not persuasive enough, perhaps other challenges many are currently facing will alert those to the potential impending dangers of cyber attacks. Sometimes it is the least expected source of an attack or the least expected target of an attack that should be of greatest concern.
In an article I saw this morning, “four men were arrested for installing devices inside gas pumps that dropped prices down to nearly nothing — an alarming trend that officials said will only spread with fuel costs soaring. The suspects installed sophisticated “pulsators” inside pumps that regulate price and fuel flow. The devices sent per-gallon costs plunging down to just pennies and allowed pumpers to fill up almost for free.” The ability to hack into gas pumps and other such hazardous devices is unnerving and the potential dangers of such attacks need not be expounded upon in great detail. The potential for serious bodily injury and significant property damage is not a remote possibility and yet few are adequately insured for cyber attacks that can unleash such devastation.
There is no better time than now to consider purchasing a cyber policy, revisiting the limits of an existing policy and reviewing the coverages on an existing policy (and the potential coverage on other policies), to ensure no gaps in coverage or inadequacy of limits exist.