Cyber Insurance for Bankers: What You Should Know and Do
As cyber breaches become more common and sophisticated, state and federal banking regulators are increasing their focus on cyber security and cyber insurance. In 2015, the Federal Financial Institutions Examination Council (FFIEC) has issued its Cybersecurity Assessment Tool to help financial institutions identify cyber risks and assess preparedness. The Texas Department of Banking also began requiring all banks to measure inherent cyber risks and cyber security maturity by December 31, 2015. In New York, the Department of Financial Services has also stepped up to push for strict cyber security requirements for banks under its jurisdiction.
As such, it is not enough that banks secure cyber insurance in place, but it is also imperative to ensure that the scope and limits of the coverage are appropriate. Although it is unclear what criteria regulators will use to evaluate cyber insurance, at least banks should be aware that traditional insurance might likely exclude coverage for cyber attacks and privacy breaches. They should also evaluate the variables that may impact the amount of cyber insurance they have. It is also important that banks work with their brokers, coverage attorneys and IT experts to analyze their cyber risks and determine the adequacy of the insurance coverage to be prepared in case of an assessment by the regulators.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help bankers understand the importance of cyber insurance. They will offer guidance on how to procure the appropriate cyber insurance coverage and ensure compliance with state and federal regulations.
Key topics include:
- Evolution of Cyber Insurance Landscape
- Importance of Cyber Insurance for Banks
- What Is and Is Not Covered
- Evaluating Cyber Insurance Coverage
- Risks Insured
- Losses Covered
- State and Federal Regulations
Steven R. DeLott, Senior Counsel
Simpson Thacher & Bartlett LLP
- Cyber insurance coverage (or the lack thereof) under a bank’s general liability insurance policy – key terms and likely exclusions.
- Cyber insurance policies – variation among policy forms, key coverages.
- Recent court cases interpreting claims for cyber-related losses.
John N. Ellison, Partner
Reed Smith LLP
- Cyberliability Risks
- Contractual Liability
- Common Cyberliability Coverage Issues
- Traditional Insurance Lines as a Substitute for Cyberliability Insurance
Robert H. Rosenzweig, RPLU, VP/National Cyber Risk Practice Leader
Risk Strategies Company
- Evolution of Cyber Insurance Market
- Number of insurer providing coverage
- Availability of Limits
- Where is the market going
- Importance of Cyber Insurance for Banks
- Look at losses and threats specific to the Financial Sector
- Increased regulatory scrutiny in the financial sector
- What is Covered
- Different coverages available under a Cyber policy
- What cannot be covered
- Where might other coverage be found?
- Importance of understanding the differentiation of products in the marketplace
Who Should Attend:
- Coverage Attorneys
- Cyber Insurance Lawyers
- In-house Counsel
- Chief Information Security Officers
- Chief Information Officers
- Data Privacy Officers
- IT Officers
- Senior Bank Executives
- Banks Senior Management
- Other Related Professionals
John's practice concentrates in the insurance coverage area exclusively on behalf of policyholders. He has been recognized by Chambers USA 2007-2015: America’s Leading Lawyers for Business as an "analytical and upbeat litigator with a great presence in the courtroom” and "first- class trial attorney."
John has a wide variety of experience in the insurance coverage field. John is also co-lead counsel for many of the world's large financial institutions regarding mortgage crisis-related insurance issues. He has also handled claims under directors and officers policies, fidelity bonds, first-party property policies and other liability insurance product. John has successfully obtained recoveries for environmental liabilities, asbestos related claims and other toxic torts. In addition, he also regularly counsels his clients on insurance-related issues, spanning from structuring insurance programs to reviewing policy wording and related documentation. Over the past few years, John's clients have recovered in excess of $4.5 billion in insurance coverage for matters that were being contested by their insurance companies.
John's international practice involves appearing in courts and tribunals throughout the United States and in Europe. For example, John has been lead US counsel in over twenty Bermuda form arbitrations in London. He has further been lead counsel in some of the largest insurance disputes over the last decade.
John's practice concentrates in the insurance coverage area exclusively on behalf of policyholders. He has been recognized by Chambers USA …
Steven R. DeLott is Senior Insurance Counsel at Simpson Thacher & Bartlett LLP and a member of the Firm's Corporate Department. His areas of concentration include cyber liability insurance, representations and warranties insurance, directors’ and officers' liability insurance, and insurance regulatory matters.
Steven is a former Adjunct Assistant Professor at the College of Insurance in New York City where he taught courses in insurance law and insurance regulation.
Steven is a member of the American Bar Association and the New York City Bar Association. He received his A.B. from Brandeis University in 1985 and his J.D. from Columbia University School of Law in 1988 where he was a Harlan Fiske Stone Scholar and the Executive Editor of the Columbia Business Law Review.
Steven R. DeLott is Senior Insurance Counsel at Simpson Thacher & Bartlett LLP and a member of the Firm's Corporate …
Robert H. Rosenzweig, RPLU, is the National Cyber Risk Practice Leader at Risk Strategies Company. In this role Rob works directly with the firm’s clients and prospects on creating comprehensive and customized coverage for their data security, privacy, and errors & omissions exposures. A published writer on cyber liability topics, he also has participated on panels and led seminars on a variety of related topics. Rob currently holds a designation as a Registered Professional Liability Underwriter and he received his Bachelor of Arts Degree in Government & Economics from Hamilton College.
Robert H. Rosenzweig, RPLU, is the National Cyber Risk Practice Leader at Risk Strategies Company. In this role Rob works …
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NASBA Field of Study:
Information Technology - Technical
NY Category of CLE Credit:
Areas of Professional Practice
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About Reed Smith LLP
Reed Smith is a global relationship law firm with more than 1,700 lawyers in 26 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises.
About Simpson Thacher & Bartlett LLP
Simpson Thacher is widely recognized as one of the preeminent law firms in the world. The Firm was established in 1884 and currently has more than 900 lawyers. Headquartered in New York City with domestic offices in Houston, Los Angeles, Palo Alto and Washington, D.C. and international offices in Beijing, Hong Kong, London, São Paulo, Seoul and Tokyo, the Firm provides coordinated legal advice and transactional capability in all of the world’s principal financial centers.
Building on nearly 130 years of experience, Simpson Thacher advises companies of all sizes across a breadth of industries and geographic regions, as well as major financial institutions, and has played a substantial role in many of the most complex and noteworthy matters of the last decade.
About Risk Strategies Company
Risk Strategies Company is a top-25 full-service specialty insurance brokerage firm with over 30 offices around the country. Serving the needs of public and private companies, government and non-profit entities, Risk Strategies’ highly experienced, technical experts work from a business-first perspective to make solving complex risk management issues a cost-effective and hassle-free experience. Integrated strategies incorporating innovative thinking and consultation, along with smart, persistent advocacy results in new and better ways to control costs and remove uncertainties.