Cyber Insurance: What You Need to Know in 2012
Businesses face evolving risks with regard to cyber security and data. Media coverage about high profile security breaches has heightened the awareness for all business to seek some type of protection generally described as cyber policies. A few years ago, the coverage was seen as a niche, luxury add-on, but the market has matured to bring down the cost and standardize coverage. Are these trends good or bad for businesses and insurance providers? Do the customary policies suit the customers’ needs and cover the risks prevalent today? What do businesses need to know when negotiating for these policies about their own risks and the policies themselves?
The Knowledge Group has assembled a panel of key thought leaders in cyber security risks and mitigation to help company executives answer these questions and understand all the important issues with respect to this vital topic. This live webcast is a must attend for all executives who need to be in the know with respect to cyber insurance policies.
Robert D. Laurie, Partner,
Seiger Gfeller Laurie LLP
- Statutory obligations regarding exposure to cyber risks and/or following a data loss or cyber attack? A general overview and whether insurance coverage may be available for compliance costs
- Further managing your risk – controlling access to data and ensuring that vendors and other third parties have sufficient insurance
- Excess contractual technology coverage – coverage where third parties control or have access to data
- Underwriting considerations in issuing cyber liability policies – – what do you need to know when filling out a policy.
- Trends in the law regarding coverage under “traditional” insurance policies.
Travis Crabtree, Member,
Looper Reed & McGraw, P.C.
- Beyond privacy and data breaches, other “cyber” risks to consider?
- Doing business in the cloud and who is responsible?
- What is WISP and should you have one? https://www.emedialaw.com/part-2-do-i-need-a-wisp-and-what-is-a-wisp-deadline-approaching-for-yours/
- Increased enforcement from the FTC – the recent Section 5 case against Wyndham
- Cyberrisks for the “old economy” addressing issues for those who don’t consider themselves tech or B2C companies
Rebecca Woods, Partner,
Seyfarth Shaw LLP
Coverage for social media claims, including (1) claims flowing from negative information, reviews or ratings posted on social media sites like Yelp, Kudzu, or wiki-type sites; (2) claims arising from employers’ and schools’ demands for access to social media accounts; and (3) Claims by content aggregators or hosts in connection with requests to obtain information about posts and posters. The discussion will talk about the claims, the potential coverage, and recent cases and trends on these issues.
Jeanne Oronzio Wermuth CPCU, CIC, ARM, Senior Technical Specialist,
The Graham Company
- Traditional insurance policies and how they may or may not provide coverage for “cyber” risks.
- Cyber Policies – What do they cover? No two are created equal. (Maybe start with the exposures – either me or someone else)
- From a Privacy perspective – how does information get breached? It’s not just hackers, it’s the paper left out, lost laptops, employee error.
- Social Media exposures from an operating and employment perspective – finding coverage
- Coverage for liability for your data stored by a third party, like a cloud provider, or third party data entrusted to another vendor or service provider.
- The various industries that we see with this exposure (basically everyone – but there are certain that we can talk to with more of a tangible exposure – like retail/restaurants, healthcare institutions, financial institutions, law firms, education)
- Costs associated with data breaches, some liability verdicts (this might be best done by one of the attorneys)
- Laws governing privacy issues (this might be best done by one of the attorneys)
John Coletti , Vice President,
- Aggregation – Why insurers are concerned about the migration of business into the cloud and 3rd party outsourced providers.
- The ever broadening and expansion of cyber coverage terms
- Are companies heeding the SEC’s guidance and disclosing data breaches in public filings?
- Business Interruption, Extortion, Data Asset, Restoration, Data Breach Notification, Regulatory Defense, Fines, Penalties, Third Party Liability…. What coverage is it that customers really want?
- Can cyber insurance be accurately priced and underwritten?
John Merchant, Director of Network Security, Data Privacy and Technology E&O ,
Freedom Specialty Insurance Company
- Subrogation – why are many insurers waiving subrogation and essentially agreeing to provide coverage for third party vendors which they have no information on?
- Beyond privacy and security liability. What are the “real” risks of technology dependence? i.e., Knight Capital’s first party trading glitch loss.
- Statistics on the cost of a data breach ($219 per lost record, for example). Can these be relied on? Will we ever know the true cost?
- IP theft. Will companies ever own up to losing it?
Neil Robinson, Research Leader,
- Summary of academic literature as to the cyber-insurance market
- Examples of market offerings in UK / Europe
- Barriers to the growth of the cyber-insurance market
- Possible ways forward for European policy
Who Should Attend:
- Insurance Attorneys
– Risk Managers
Laurie LLP speaker_drew_voth Robert D. Laurie Partner Speaker bio Bob Laurie is a founding partner of Seiger Gfeller Laurie LLP residing in its West Hartford, Connecticut office. Bob practices primarily in the area of general complex commercial litigation. Among other clients, he currently represents domestic and international insurance companies in insurance coverage, extra-contractual and reinsurance disputes. Bob has significant experience providing insurance company clients with coverage evaluations for claims arising from electronic data loss cyber liability. Bob recently obtained summary judgment on behalf of an insurer in a coverage dispute concerning a claim for indemnification under a CGL policy for statutory notification and monitoring costs and other consequential damages incurred following a significant data loss event. The insured is currently appealing the court’s ruling in that case.
Laurie LLP speaker_drew_voth Robert D. Laurie Partner Speaker bio Bob Laurie is a founding partner of Seiger Gfeller Laurie LLP …
Travis Crabtree brings a unique perspective to his internet marketing, online media and commercial litigation practice. Travis graduated from the University of Missouri School of Journalism and spent several years in television news before taking on a law career. Travis explores the emerging legal issues and trends for internet marketing and online media on his blog,eMediaLaw.com. His online media and internet law practice focuses on media communications, online defamation, privacy, domain name disputes, policy and governmental compliance, copyrights and trademarks, and related transactional documents for start-ups and established businesses.
Travis Crabtree brings a unique perspective to his internet marketing, online media and commercial litigation practice. Travis graduated from the …
Rebecca Woods’ practice focuses on counseling and litigation. She counsels clients who have business disputes on how to avoid, or how to prepare for, litigation. In addition to her litigation expertise, her substantive expertise includes insurance coverage, unfair competition, trade secret misappropriation and other intellectual property theft, business torts, construction litigation and real estate matters, including those involving defaults and enforcement of guarantees. Ms. Woods was selected by Law360 as a “Rising Star Under 40″ — Insurance (1 of 5 in the country) in 2012.
Rebecca Woods’ practice focuses on counseling and litigation. She counsels clients who have business disputes on how to avoid, or …
Jeanne joined The Graham Company’s Technical Development Department in 2003. As Senior Technical Specialist, her responsibilities include training, continuous improvement, quality assurance and coverage analysis with a concentration on Management, Professional and Cyber Liability. Jeanne leads The Graham Company’s Management Liability Practice Group.
Jeanne earned her Bachelors of Business Administration Degree in Risk Management, Insurance and Finance from Temple University in 1996 and her Master of Business Administration from Drexel University in 2003. She also holds the Commercial Property & Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), and Associate in Risk Management (ARM) designations.
Jeanne joined The Graham Company’s Technical Development Department in 2003. As Senior Technical Specialist, her responsibilities include training, continuous improvement, …
John Coletti is a Vice President in XL Group’s Select Professional business unit which provides professional liability insurance including, cyber risk, technology E&O, employment practices liability, directors and officers (D&O) liability and errors and omissions (E&O) insurance. John recently joined XL Group after an eight year career at CNA as an Assistant Vice President specializing in these areas. Prior to CNA, he held various underwriting, audit and accounting positions at Gulf Insurance. He is a graduate of Adelphi University.
John Coletti is a Vice President in XL Group’s Select Professional business unit which provides professional liability insurance including, cyber …
John Merchant is the Director of Network Security, Data Privacy and Technology E&O at Freedom Specialty Insurance Company, A Nationwide Company. John has over six years of experience in Network Security, Data Privacy, Technology and Management liability underwriting as well as over 10 years of sales and marketing experience in the consumer products and technology industries. Since joining the insurance industry, Mr. Merchant has been engaged in the development of new security and data privacy products, formulation of underwriting standards, subject matter training and education and business development. He is a frequent speaker on Security & Privacy risk industry panels and has been quoted in several insurance industry publications on Security & Privacy risk. John holds a B.A. from The University of Connecticut.
John Merchant is the Director of Network Security, Data Privacy and Technology E&O at Freedom Specialty Insurance Company, A Nationwide …
Neil Robinson is a Research Leader at RAND Europe based in the Brussels office. As a Research Leader, Neil led the Feasibility Study for the European Cybercrime Centre (ECC) and the 2011 Study for ENISA into Legal/Regulatory Aspects of Cross Border Information Sharing between CERTs. Neil is also working on a study for the European Defence Agency into a Stock-taking Exercise for Military Cyberdefence capabilities in the EU. Neil also led the 2010 study for ENISA into Incentives and Challenges for Information Sharing for Critical Infrastructure Protection (CIP) and the 2009 study on Best Practices for Resilience in Providers of Public e-Communication Networks. Neil led the 2008 review of the EU Data Protection Directive for the Information Commissioner’s Office (ICO), a comparative legal analysis of legal and non-legal measures to combat identity theft and identity related crime (DG Home Affairs); a study for a US client into e-Discovery and Privacy and Data Protection Law and a study for DG Information Society into the Privacy, Security and Trust aspects of Cloud Computing. In the area of cyber-security and cyber-defence, Neil is and has worked on studies for the UK and French government into understanding the military implications of cyberspace. Finally, Neil recently led the RAND Europe internally funded study on understanding the trade-offs of individuals across privacy, security and liberty. Neil has led or worked on a number of other projects which sit at the intersection between policy and social or economic needs including impacts on privacy and information protection including a study for the National Policing Improvement Agency (NPIA) on a Systematic Search of the literature on ANPR, a study for DG Information Society & Media on the Security challenges to the use and deployment of disruptive technologies and a study for the UK Security Service on an overview of technologies for counter-terrorism and security. Neil has also led studies for the UK Defence Science and Technology Laboratory (DSTL), Ministry of Defence. Finally, Neil is a member of the European Biometric Experts Stakeholder Network (BEST), former Research Co-ordinator for the Information Assurance Advisory Council (www.iaac,org.uk) and is a founding member of an international Working Group on Critical Infrastructure Protection (CIP) chaired by Dartmouth University.
Neil Robinson is a Research Leader at RAND Europe based in the Brussels office. As a Research Leader, Neil led …
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About Seiger Gfeller Laurie LLP
Seiger Gfeller Laurie (“SGL”) is a boutique law firm comprised of litigators from some of the largest law firms in the United States. SGL provides litigation and counseling to clients in a broad array of markets, including financial services, sports and recreation and manufacturing, including medical devices. Among other clients, SGL is national counsel to a number of insurance companies, including life, health and property and casualty. SGL attorneys have significant experience in coverage and claims litigation and advice, ranging from coverage determinations, claims handling and defense of claims (including trial and appeals) to coverage and bad faith litigation. SGL attorneys have represented insurance companies in some of the highest-profile insurance coverage disputes, including disputes arising from the September 11th attacks on the World Trade Center and the Central Artery / Tunnel Project (“Big Dig”) in Boston, Massachusetts. SGL has commenced and defended declaratory judgment actions (and arbitrations) in numerous jurisdictions across the U.S. and in a wide scope of product lines. SGL attorneys also regularly assist domestic and international insurance companies with regulatory compliance, product development, risk management and policy construction.
About Looper Reed & McGraw, P.C.
Founded in 1985, Looper Reed & McGraw is a full-service, Texas based law firm with more than 100 lawyers practicing in Houston, Dallas and Tyler. Looper Reed & McGraw offers a wide range of legal services including business litigation, corporate transactions, oil & gas, tax planning and litigation, real estate, healthcare, trusts and estates, employment law, family law, internet law and bankruptcy. For more information, visitwww.lrmlaw.com.
About Seyfarth Shaw LLP
Seyfarth Shaw LLP was founded in 1945 and has more than 800 lawyers across eleven offices. We have offices in Washington, D.C., Atlanta, Boston, Chicago, Houston, Los Angeles, New York, Sacramento, San Francisco, and London. We handle issues for our clients in all key areas including investments, real estate, labor and employment, construction, corporate and finance, employee benefits, environmental, government contracts, intellectual property, commercial litigation, securities litigation, trade secrets, trusts and estates, and workouts and bankruptcy.
Seyfarth has been recognized among in-house counsel as ‘Best of the Best’ for client service among the 2012 BTI Consulting Group’s Client Service A-Team and being named among the Top 10 in the Financial Times U.S. Innovative Lawyers Report in 2011.
About The Graham Company
The Graham Company is an insurance brokerage and consulting firm committed to enhancing employee safety and business viability through an action oriented approach to risk management. In business for over 50 years, The Graham Company focuses on customizing property and casualty, surety, and employee benefits programs for its clients. With its uniquely proactive approach to managing risk, The Graham Company is redefining what it means to be a broker because it believes Actions Matter. To learn more about The Graham Company, visitgrahamco.com.
About XL Group
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. XL Group is the global brand used by XL Group plc’s insurance subsidiaries. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
About Freedom Specialty Insurance CompanyFreedom Specialty Insurance Company