Will your insurance actually cover losses from your cyber attack?

Reuters reports that Zurich American Insurance Company is suing both its insured customer Sony and other of Sony's co-insurers to obtain a ruling that it does not have to pay claims by Sony for damages resulting from its recent cyberattack resulting in the loss of personal data from its PlayStation Network. The article summarizes the hack:

"In April, hackers accessed personal data for more than 100 million users of Sony's online video games. Sony has said it could not rule out that some 12.3 million credit card numbers had been obtained during the hacking."

The ruling may hinge on whether Sony simply obtained a general liability policy, which is unlikely to cover more than property damage, or if it obtained coverage against cyber risks - which is normally a supplemental form of coverage. Currently the White House is encouraging the growth of the cyberinsurance market as a way to encourage companies to obtain financial protection from loss and as an incentive to enhance their own systems as a consideration for underwriting.

Have you checked your policy to see if claims from cyberattacks are specifically covered? Your policy summary from your commercial underwriter may not show enough detail to know - you need to read the policy itself to be sure, including the exclusions, deductibles, and amounts.