As the pace of cyberattacks increases, asset managers are taking a hard look at their cyber insurance coverage to make sure that it will cover them should they become a target.
Fidelity Investments was among 13 firms attacked by hackers earlier this October. Though Fidelity suffered no data losses, the incident was prominent enough that firms without cyber insurance are considering adding such coverage, brokers say. Also spurring interest is that the SEC and other regulatory agencies view such policies as a prudent part of cyber risk management. But there are a number of factors that asset managers should heed that are specific to the industry, as providers, policies, prices and needs will vary widely.