WIN Magazine - Summer 2012 - (Page 45)
Cyber and Reputational Risk Insurance: Past, Present, and Future
BY JUSTIN LITAKER, APPALACHIAN STATE UNIVERSITY – LITAKERJM@GMAIL.COM
In today’s society it is virtually impossible for a business to be successful without the incorporation of the Internet. Most companies today have a presence on the web consisting of at least a company webpage. Some have gone even further: creating their own social networking pages, online commercials, blogs, wiki’s, and apps. With this new age of technology a greater level of efficiency can be achieved, but with this increased level of efficiency comes the risk of a growing number of exposures. A number of these new exposures are excluded by the Commercial General Liability (CGL) coverage and other standard policies. Creating a dilemma for businesses because their success is dependent upon their ability to reach their consumers and consumers today use the Internet more frequently than ever before for pre-purchase information and purchasing goods. These exclusions paired with businesses desires to be protected while operating on the web have brought rise to both the cyber risk and reputational risk insurance products. This paper will first analyze the exposures businesses are currently facing and how these exposures have lead to the creation and development of the cyber risk product. Since the creation of the cyber risk product, new exposures have created a need for another new insurance coverage; an insurance coverage that will
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Table of Contents for the Digital Edition of WIN Magazine - Summer 2012
Another Liability Catastrophe in the Making?
The Economy and the Insurance Pricing Cycle 2012: When Good News is Bad News
Capitalizing on Supplementary Coverages: MPL & Excess/Umbrella Policies
Are Your Technology Solutions Enabling Your Business?
NRRA Implementation: What Lies Ahead for Wholesalers and Producers
State Taxation of Non-U.S. Risk Premium
Rick Transfer Techniques for the American Wheat Farmer
Cyber & Reputational Risk Insurance: Past, Present, & Future
In the WIN-ner’s Circle
INDEX TO ADVERTISERS/ ADVERTISERS.COM
WIN Magazine - Summer 2012
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