Covington Internet of Things Update: Promise and Peril — IoT and Your Insurance

Two hundred billion IoT devices could be in use by 2020, according to one estimate cited in the World Economic Forum’s recent report, Mitigating Risk in the Innovation Economy.  This rapid integration of the digital world and the physical world presents unprecedented opportunities for businesses in a wide array of industries.  But it also creates unprecedented risks.  Despite ongoing efforts to create security standards for IoT devices — for example, the National Institute of Standards and Technology’s recent draft paper to this end — the security of such devices currently remains wanting.  With the cyber and physical worlds so closely intertwined, future hacking incidents may threaten not only electronic data, but also property and lives. Policyholders adopting IoT and related technologies may face uncertainty over coverage for these so-called “cyber-physical” harms under commonly available insurance policy…

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