Interconnectivity has always presented opportunities and risks for global businesses. On the one hand, greater connectivity facilitates global commerce. On the other, it increases organizations’ exposure to disruptions. The near-universal reliance on technology and internet access have made disruption and data loss particularly worrisome for businesses - and their insurers.
For the insurance industry, this is a complex issue, because insurers do not have a uniform approach to covering such scenarios, and there is a dearth of case law regarding cyber coverage under all-risks policies in the United States and Canada. As a result, business interruption caused by cyber events may become a major area of claims litigation in the Americas.
Despite this, mitigating business interruption in all its forms (whether from natural or human causes) remains an area of opportunity for corporate insurance buyers as well as insurers.
Download our US Business Interruption White paper below to learn more about the growing impact of cyber risk in business interruption claims and evolving forms of physical damage that cause financial loss. For insurers, where there is risk, there is opportunity.