Dr Edward Cole
Edward is an expert in insurance coverage disputes. He acts for insurers and policyholders across a wide variety of classes of business.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2008
Qualification
- University of Durham (2016)
Education
- University of Durham (2016)
1 Contributions by Edward Cole
PRACTICE NOTES
Cyber insurance: coverage, triggers, business interruption, silent cyber and other exclusions, war/catastrophic risks, regulatory investigations, ransom payments, aggregation and notification—key issues for legal advisers
What is cyber insurance?
Cyber insurance has rapidly progressed from a narrow form of cover, originally focused on liabilities anticipated following the 2002 Californian Data Security Notification Law, to a sophisticated product delivering a blend of first- and third-party protections, chiefly intended to help insureds manage cyber attacks and to indemnify them for the losses that follow. There is no single, settled definition of cyber risk. For insurance purposes, it is typically viewed as the chance of harm, financial loss, or legal liability resulting from damage to, or unauthorised access to, information systems. Frequent sources of loss include accidental events (e.g. damage to equipment that hosts data or system misconfiguration) and deliberate attacks (e.g. ransomware, business email compromise, distributed denial-of-service attacks). Such events may give rise to a range of significant incident response and remediation costs and expenses; first-party loss; third-party liabilities; and the expense of responding to regulatory investigations.
Coverage available
As a relatively new class of business, there remain notable differences in the cover available from different cyber insurers, as underwriters broaden terms to seek market share or restrict them in response to prevailing market conditions over time as they evolve. Cyber insurance can typically be purchased on...
Insurance & Reinsurance
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