Cyber Risk – Captive Insurance Times
After a surge of online criminal activity during the COVID-19 pandemic, industry participants suggest why a captive can play a significant role in assisting with cyber risks.
Randy Sadler, principal of CIC Services, suggests that having a captive can play “a significant role” in assisting with cyber risks.One of the biggest problems with commercial cyber policies, according to Sadler, is that they are not written broadly enough and contain too many exclusions, effectively rendering the business uninsured when the unexpected happens.
“Cyber is an insidious and rapidlyevolving risk, and captives can write broad policiesto address both known and even unknownthreats. And, captive cyber policies can bedrafted with fewer exclusions, so they can providefar more robust coverage.”