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A great report from AoN and DLA Piper which discusses cyber insurance and GDPR. Reviewing the current status of regulatory insurance across European countries and the latest enforcement actions against GDPR. It reinforces that insurance coverage for regulatory fines and criminal actions are almost impossible to obtain.
Insurance in many jurisdictions is contingent on the insured actions. If an attack is due to willful, intentional or recklessness actions by the insured it is unlikely that all costs, criminal sanctions being one, will be covered.
In Ireland for example it appears that costs of mitigating a breach, including public relations expenses, are covered unless a Judge finds that the insured actions were deliberate or reckless.
The lesson we all must bare in mind is that insurance is one risk transfer mechanism. Which should be supported by other mechanisms like cyber risk mitigation programmes. It is also important to recognise that insurance coverage cannot be taken for granted. The words reckless, deliberate and willful are very nebulous and open for interpretation.
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