Law Times, "Still much to be determined on insurance coverage after cyberattacks"
Eric Charleston, a senior associate with Miller Thomson LLP in Toronto, says that, despite an organization’s best efforts, human error is inescapable. In a recent article Charleston co-authored, he cited a statistic from the Canadian Survey of Cyber Security and Cybercrime, stating that Canadian businesses have spent an estimated $14 billion on cybersecurity.
“Organizations can mitigate the impact of a cyberattack by purchasing comprehensive standalone cyber-insurance tailored to the specific risks. Many organizations mistakenly believe that cyber riders and add-ons to their existing coverage are sufficient to protect against a cyberattack,” he says. “The case law reveals that this mistaken belief can be costly, leading to coverage gaps and significant uninsured losses, especially in the context of social engineering fraud.”
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