Bloomberg Law
May 31, 2022, 9:31 AM

Cyber Insurance Policies Grow Pricey Amid Rising Hacks, Lawsuits

Jake Holland
Jake Holland

An uptick in data breach litigation and skyrocketing costs tied to ransomware attacks and other cybercrime are making it more difficult—and more expensive—for companies to secure insurance policies that help them cover financial hits.

The changing insurance market and disagreements over policy exclusions are also driving legal uncertainty, leaving businesses and policy providers to duke it out in court over who’s responsible to pay for what, attorneys say.

“Too often there’s a disconnect between what companies think a policy may cover and what’s actually covered,” said Michael Phillips, chief claims officer at Resilience, which provides cyber insurance policies and ...

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