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Judy Greenwald

Regulatory investigation coverage is available under cyber insurance policies

April 27, 2014 - 6:00am

Cyber Insurance Coverage


Observers say coverage for regulatory investigations is available under cyber insurance policies.

Cyber policies with the coverage will respond to defense costs the insured organization incurs as a result of a regulatory proceeding, as well as any fines or penalties that may be assessed against an organization, said Meredith Schnur, Madison, N.J.-based senior vice president at Wells Fargo Insurance Services USA Inc.

It may also cover the funds an organization may be required to pay for consumer redress when there are monetary damages, she said.

While some cyber policies offer the full limit for regulatory actions, others have a 50% sublimit, she said. Some still offer only 10% to 15%, though those are less popular.

 



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