Third-party cyber attacks put spotlight on contingent business interruption coverage
Third-party cyber attacks put spotlight on contingent business interruption coverage

Third-party cyber attacks put spotlight on contingent business interruption coverage

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Third-party cyber attacks put spotlight on contingent business interruption coverage

When a payments platform goes down, most policies include a waiting period. Carriers typically calculate the claim by comparing the business’s typical payments to the amount it lost during the outage.

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“When a payments platform goes down, most policies include a waiting period, typically eight hours, during which the business cannot make a claim for its lost revenue,” Upshur said. “Once that waiting period expires, the policy can kick in. Carriers typically calculate the claim by comparing the business’s typical payments to the amount it lost during the outage.”
Source: Insurancebusinessmag.com | View original article

Source: https://www.insurancebusinessmag.com/us/news/cyber/thirdparty-cyber-attacks-put-spotlight-on-contingent-business-interruption-coverage-539410.aspx

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