RIMS Speakers: Cyber Risk Expanding
Speaking during the Risk & Insurance Management Society’s (RIMS)’s annual conference in Boston, risk management professionals cautioned that companies need the right coverage, and insurers were advised to defend their rights and business owners were told they may be just one hack away from losing everything. Attorney Joshua Gold of Anderson Kill said cyber risks continue to “keep morphing.” He added that covering the risk of bodily injury was not a concern for the cyber insurer or insured, but thanks the Internet of Things, bodily injury is a very real risk from certain cyber crimes. Concerns about criminal mischief prompted California lawmakers to require security on every device connected to the internet, he explained. Cyber is an increasingly important risk for directors’ and officers’ coverage as well.