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(Top left to right): David Navetta, partner at Cooley and Audrey Jean, senior privacy officer and senior associate general counsel at AARP. (Bottom left to right) James Steel, director and counsel at American Express and Stephen Liverpool, general counsel at Raymond James Bank. . Courtesy photo

Cyber insurance is a critical tool for businesses facing the looming threat of a major cyber incident. A panel of cyber insurance experts said Thursday during the ACC Foundation Virtual Cybersecurity Summit that insurers have become more aware of the risks. Before writing a policy, insurers want to examine everything a business is doing to mitigate a cyberattack.

In the early days of the cyber insurance market, there was a lot of competition. Risks and coverage were not very well understood, and businesses were incentivized to buy this kind of insurance, said James Steel, director and counsel at American Express Co. in New York.

Dan Clark

Dan covers cyber security, legal operations and intellectual property for Corporate Counsel. Follow him on Twitter @Danclarkalm.

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