Privacy risks related to potential hacks of Internet-connected devices are hot topics for carriers, risk managers and brokers, but possible business interruption losses should not be overlooked when scoping out coverages for the Internet of Things, a lawyer warns.
Executive SummaryPrivacy and security risks are top of mind for risk managers and insurers when they think about the Internet of Things. But business interruption risks should be high on the list of coverage considerations for both, an insurance recovery specialist says.
Speaking at the Advisen Casualty Insights conference earlier this year, Scott Godes, an insurance recovery attorney and a partner with Barnes & Thornburg in Washington, D.C., highlighted the first-party business income losses associated with the failure of Internet-connected devices, giving unusual examples ranging from “connected warehouses” to Disney’s MagicBands.
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