The Cyber Insurance Puzzle: Banks Face Overlapping Policies and Uncertain Risks

Potential business interruptions and customer lawsuits stemming from ransomware attacks and other cyber threats are pushing banks to rethink their approach to insurance coverage. But the cyber-insurance landscape has been complicated by hard-to-quantify risks, a crowded field of insurers, and coverage gaps and overlaps.  

Trends in Claims

As defined by insurance claims, ransomware is the predominant cyber threat for banks, says John Kerns, executive managing d…