Expenses caused by increasingly aggressive government regulators…
“With regulators such as the FTC increasing cybersecurity enforcement, regulatory defense coverage is increasingly important. Enforcement actions can result from security failures to protect data (including employee information), improper data collection practices, failure to disclose a data breach or deceptive privacy practices. A comprehensive cyber policy covers attorneys’ fees and costs associated with formal regulatory or administrative investigations, including any resulting in penalties or fines. However, policyholders should be aware of the terms of their policies.
For example, not all policies expressly cover regulatory fines that federal or state regulators may impose for a company’s violation of a privacy statute where no underlying cyber incident occurred.”
A recent settlement filed by the Federal Trade Commission (FTC) and GoodRx may merit a review of your cyber insurance coverages. Earlier this month, the FTC took enforcement action for
Source: Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review