Cyber Insurance: What You Need to Know in 2014
Overview:In this two-hour LIVE webcast, a panel of distinguished professionals and thought leaders will help security practitioners understand the important aspects of this significant topic. They will provide an in-depth discussion of insurance and liabilities relating to cyber risk. Speakers will also offer best practices in developing and implementing a comprehensive general liability (CGL) insurance policy and ensure compliance with securities laws.
Key topics include:
- Cyber Insurance and Liabilities – an Overview
- Emerging Issues on Cyber Risk Management
- Significance of Cyber Liability Insurance Cover
- Risk Management Strategies to avoid Data Breach
- Cybersecurity issues relating to data breach
- Importance of cybersecurity under companies CGL
- Practical guidance
Kenneth Rashbaum, Partner
- Cyber-security prevention and breach response protocols are not discretionary, in the wake of well-publicized security breaches and the speed with which hackers can adapt to and intrude upon an organization’s systems. Information assets are often the most valuable, including the data of customers. Federal and state governments, courts, regulatory agencies and the public are watching cyber-security efforts and a company can be punished by fines and loss of business if it is remiss in breach prevention efforts. On the other hand, good compliance efforts may attract business and investment.
Breach prevention is not cost-free, but actual breaches carry a much greater cost. The risk of that cost can be mitigated to a degree by the right cyber-risk coverage. Cyber-risk coverage is widely available and at favorable rates, given the relative lack of claims experience across the U.S. That cost favorability will change in coming years as organizations experience more breaches, and so the time to obtain coverage is now.
- It is critical to prepare for cyber-security underwriting. The underwriter will determine the limits and scope of the coverage offered. Preparation comprises robust cyber-security protocols and current risk assessments.
- It is critical to read the offered cyber-risk policy carefully. Deductibles and exclusions apply, and the organization should determine whether it needs to purchase endorsements that mitigate some of those exclusions, such as regulatory defense.
- Cyber-security risk management requires documentation. Policies and procedures, workforce training , reviews of systems, data maps and risk assessments must be well-documented and current. The standard in breach regulatory proceedings and litigation is not strict liability; it’s reasonable steps. That standard can be met only with robust documentation of those steps.
Michele A. Whitham, Partner
Foley Hoag LLP
- Working with potential insurance customers on their true needs
- Understand nature of your business, industry risk profile, business factors making you a potential target
- Legal obligations if and when you are hit
Lori S. Nugent, Shareholder
Greenberg Traurig, LLP
- Insurance Person
David A. Wheeler, Of Counsel
Greenberg Traurig, LLP
- Drilling down on Cyber Governance and cyber risk assessment
- Documentation areas
Who Should Attend:
- Data Security Professionals
- Compliance, Risk and IT Officers
- IT Security Officers
- Privacy & Data Management Officers
- Risk Analysts & Controllers
- Risk and Compliance Managers
- Other related/interested professionals
Kenneth N. Rashbaum advises multinational corporations and healthcare organizations in the areas of privacy, cyber-security and e-discovery. He counsels multinational corporations on information governance and its compliance with federal, state, and non-U.S. laws and the interface of e-commerce and legal and regulatory liability exposures. Ken has vast experience in preparation of protocols for compliance with data protection and privacy laws in the U.S. and other countries, conduct of information security assessments, and cyber-security investigations and remediation initiatives. Ken is also an Adjunct Professor of Law, Maurice A. Deane School of Law at Hofstra University.
Prior to joining Barton, Ken was a senior litigation partner in the New York office of Sedgwick LLP (formerly Sedgwick, Detert, Moran & Arnold) where he was the Co-Chair of the E-Discovery, Compliance and Data Management Practice Group.
Kenneth N. Rashbaum advises multinational corporations and healthcare organizations in the areas of privacy, cyber-security and e-discovery. He counsels multinational …
Michele Whitham is a widely respected employment law practitioner with extensive knowledge of data privacy and security law. Building on more than a decade of experience in litigating and advising on data theft, systems breach and cyber-attack cases, Michele founded and is a co-chair of Foley Hoag's Security and Privacy Practice Group. In addition to litigating claims involving computer fraud and abuse by both internal and external threat actors (including electronic theft of proprietary information and other system incursions), she has extensive experience handling other matters arising in the workplace, including defending complex EEO, ERISA, and wage and hour claims, enforcing non-competition and non-solicitation agreements, resolving executive compensation disputes, and conducting internal investigations of alleged employee misconduct. Michele’s work reflects advanced knowledge of computer forensic discovery and recovery techniques, and she has successfully litigated to interrupt cyber-attacks and identify cyber-attackers.
Michele Whitham is a widely respected employment law practitioner with extensive knowledge of data privacy and security law. Building on …
Lori S. Nugent is a Shareholder in Greenberg Traurig’s Global Intellectual Property & Technology Practice Group. She focuses her practice on data security and cyber liability, as well as punitive damages. She has served as a first responder, addressing hundreds of data security incidents and breaches and has handled a wide variety of other issues related to computer technology, including privacy violations, media liability, cybersecurity preparedness and governance. She is experienced in managing data breach situations in a manner that protects client brands in the aftermath of a data breach. Lori counsels clients on a wide range of matters and works with boards of directors, outside consultants, and management teams to develop plans to address a company's data security and privacy risks. She is also experienced resolving disputes that stem from data breaches through mediation, negotiation, litigation and arbitration.
Lori S. Nugent is a Shareholder in Greenberg Traurig’s Global Intellectual Property & Technology Practice Group. She focuses her practice on data …
David A. Wheeler is Of Counsel in Greenberg Traurig’s Global Intellectual Property & Technology Practice Group. He focuses his practice on eCommerce, information technology and privacy matters. His experience includes domain name and trademark disputes and registrations, trade secrets litigation, information privacy and identity management, data breach notification compliance, software licensing, and outsourcing agreements. Prior to practicing law, David served as a software engineer for a Virginia-based defense contractor and later traded spot currencies as an electronic market maker for the First National Bank of Chicago. He also served as telecommunications consultant for the Bank of America.
David A. Wheeler is Of Counsel in Greenberg Traurig’s Global Intellectual Property & Technology Practice Group. He focuses his practice on …
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About Barton LLP
Barton is comprised of an elite team of former partners of “Big Law” who have created a client-focused, highly sophisticated, and results-oriented law firm. Our mission is to provide effective and efficient delivery of high quality legal services. We develop long-term relationships by partnering with our clients so that we thoroughly understand their businesses and goals. We then apply our expert legal talents, business acumen and practical problem-solving approach. Our clients value us as their trusted advisors who assist them in identifying and minimizing risk while maximizing opportunities.
We remain committed to our core values even as the scope of our services and size of the firm has expanded to meet the increasing requirements of our clients. We firmly believe in maintaining strong practices with senior attorneys in each of the central commercial disciplines so that we remain a fully integrated outside counsel resource for our clients.
About Foley Hoag LLP
Foley Hoag is a dynamic law firm that represents public and private clients in a wide range of disputes and transactions worldwide. We have expertise in industries such as life sciences and healthcare, technology, energy and renewables, investment management, and professional services. We also offer our clients market-leading international litigation and arbitration and corporate social responsibility services. From our offices in Boston, Washington, D.C. and Paris we provide strategic legal advice that is tailored to each of our clients' unique goals. Foley Hoag combines powerful regional, national and international practices that share a common emphasis on client service. We are focused on what we do best: helping our clients succeed through the delivery of exceptional legal service. For more information, visit www.foleyhoag.com.
About Greenberg Traurig, LLP
Greenberg Traurig is an international law firm with approximately 1750 attorneys and governmental affairs professionals. The firm offers clients local resources and capabilities in 36 financial, business and government centers, including more U.S. locations than any other Top 10 law firm on The National Law Journal’s 2013 NLJ 250. Greenberg Traurig provides integrated legal services for clients worldwide. The firm offers multidisciplinary teams that include senior lawyers who have been the chief legal officers at major multinational companies and have spent years solving real-world problems in the business, political and legal arenas. Teams are built around client needs, ensuring lean staffing, front-end planning and flexible billing, where appropriate. Experience in multiple practice areas and a network of resources and contacts position the firm to help clients address their objectives.
Greenberg Traurig serves clients from locations in Albany, NY; Amsterdam, The Netherlands; Atlanta, GA; Austin, TX; Boca Raton, FL; Boston, MA; Chicago, IL; Dallas, TX; Denver, CO; Fort Lauderdale, FL; Houston, TX; Las Vegas, NV; London, UK; Los Angeles, CA; Mexico City, Mexico; Miami, FL; Morristown, NJ; New York, NY; Orange County, CA; Orlando, FL; Philadelphia, PA; Phoenix, AZ; Sacramento, CA; San Francisco, CA; Shanghai, China; Seoul, South Korea; Silicon Valley, CA; Tallahassee, FL; Tampa, FL; Tel Aviv, Israel; Tysons Corner, VA; Warsaw, Poland; Washington, D.C.; West Palm Beach, FL; White Plains, NY; and Wilmington, DE. Additionally, the firm has established a strategic alliance with the independent law firm Studio Santa Maria in Milan and Rome.