In a post-SolarWinds world, what do you need to know now about your application for cyber liability insurance?
Throughout December 2020, the cyberattack of the major tech firm, SolarWinds, came to light. As the situation unfolded, we learned more about the extent of that attack and the other organizations potentially affected—FireEye, Microsoft, the Department of Homeland Security, and the U.S. Treasury. The significance and breadth of this event, at least from the perspective of the cyber liability insurance market, could not be understated. Many large 1-1-2021 renewals were impacted, and many more questions began to be asked by insurers relative to internal controls and protocol.
Please note that the information contained in this posting is designed to provide general awareness in regard to the subject matter covered. It is not provided as legal, medical, or tax advice, nor is it intended to address all concerns in your workplace or for public health. No representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.