Insurance Coverage for Data Breaches: What Every Firm Needs to Know in 2015
The threat of corporate cyber attacks, under scored by that upon Target Inc., has encouraged US businesses to purchase cyber-liability and data breach insurance to protect against hacking and loss of corporate and customer data. Many companies can no longer rely upon information technology staff and systems to prevent data breaches. Loss of data and reputational damage are serious risks that can ruin a corporation.
In a two hour live webcast, a panel of thought leaders and professionals assembled by The Knowledge Group will provide an overview of the critical issue of Insurance Coverage for Data Breaches.
Key topics include:
- Cyber Liability Insurance - An Overview
- Risks and Consequences of Data Breaches
- Insurance Coverage for Data Breach
- Evaluating Data Breach Insurance
- Traditional Policies for Data Breach
- Comprehensive General Liability (CGL) Policies
- Regulatory and Compliance Issues
SEGMENT 1: Elissa Doroff, Vice President
- Cyber Risks Today
- why each industry has their own, unique risks
- Gaps in traditional coverage for Cyber Risks
- Current Cyber Liability Insurance Coverage available
- Underwriting considerations for cyber risks
- Emerging risks and how the insurance marketplace is responding
SEGMENT 2: Joshua Katz, Partner
Weisbrod Matteis & Copley
- Considerations for evaluating data breach coverage (holistic view of entire coverage program (including legacy policies), limits / sub limits, premiums, deductibles, risks covered, limited exclusions, etc.)
- Key questions to ask when procuring data breach coverage
- Specific considerations for health care providers (e.g., hospitals, etc.) and financial services firms (e.g., banks, etc.)
SEGMENT 3: Gregory J. May, Partner
Nelson Mullins Riley & Scarborough LLP
- New cyber threats, including state-sponsored attacks
- Availability of coverage for cyber terrorist attacks
- Availability of coverage for cyber losses under D&O policies
- Methods of maximizing availability of additional insured coverage from “downstream” sources such as third-party vendors and contractors
- Availability of coverage under traditional GL and property policies
- Cyber exclusions in traditional GL and property policies.
SEGMENT 4: Erin L. Webb, Senior Managing Associate
- Evolving interpretations of different types of insurance policies providing coverage for data breaches
- Types of losses stemming from data breaches that can be covered under currently available insurance
- What to do when a data breach is discovered to maximize insurance coverage
SEGMENT 5: Kenneth M. Labbate, Partner
Mound Cotton Wollan & Greengrass
Potential cyber exposure to professionals:
- directors & officers
- insurance agents and brokers
SEGMENT 6: Matthew McCabe, Senior Vice President
- The change in gravity of data breaches over past year
- Proper Data modeling
- What threat is and how it’s maintained
Who Should Attend:
- Privacy and Data Lawyers and Consultants
- Data Security Professionals
- Privacy and Data Management Officers
- Cyber Insurers
- Top Level Management
- Private and Public Companies
- Other Related/Interested Professionals and Organizations
Elissa Doroff is a Vice President and Product Manager for XL Group’s Cyber & Technology team. She has nearly a decade of cyber and technology insurance expertise having worked as claims counsel at AIG and, most recently, as broker of cyber insurance at Marsh and McLennan where she held the position of Senior Advisory Specialist. While at Marsh, she counseled public and private clients on their risks and insurance needs in the areas of technology, privacy and cyber. She has considerable experience presenting these topics on panels and seminars for clients and industry associations and she has published many industry related articles.
Elissa has a Bachelor of Arts degree from the State University of New York at Albany and a Juris Doctor from Suffolk University Law School. Elissa is admitted to practice law in Massachusetts and Connecticut and is a licensed property and casualty claims adjuster and broker.
Elissa Doroff is a Vice President and Product Manager for XL Group’s Cyber & Technology team. She has nearly a …
Matthew McCabe is a senior vice president and senior advisory specialist for the network security and data privacy group with the FINPRO practice at Marsh’s New York City headquarters. His current responsibilities include advising clients on emerging cyber security trends and issues and ways in which they can address their unique data and privacy needs.
Prior to joining Marsh, Matthew served as senior counsel to the US House of Representatives Committee on Homeland Security, where he advised congressional representatives on federal, state, and local policy involving cyber security, data protection, and privacy law. Matthew also previously served in the administration of President George W. Bush as a policy director on the Homeland Security Council. Before working in Washington, Matthew was a litigator at Schulte Roth & Zabel in New York, specializing in securities and accounting fraud, and antitrust cases.
Matthew McCabe is a senior vice president and senior advisory specialist for the network security and data privacy group with …
Greg May is a partner of Nelson Mullins Riley & Scarborough LLP in Boston concentrating his practice on a variety of insurance and risk management areas. Greg defends and counsels clients in environmental, products liability, construction, cybersecurity, advertising injury, E&O and D&O claims throughout New England. His practice includes the representation of primary, excess, and specialty lines insurers. Greg's experience in this area runs from the preparation of opinion letters up to and through trial and arbitration.
Greg advises corporate clients on their insurance and risk management programs. He reviews clients’ general liability, builders’ risk, OCIP or CCIP wrap-up, environmental, property, intellectual property, cyber risk, and D&O insurance policies as well as their standard form indemnification and insurance procurement agreements to identify any potential gaps in coverage or contract language. In addition, he counsels companies and government agencies on insurance and risk management issues and provides advice on the best ways to transfer risk to other parties.
Greg May is a partner of Nelson Mullins Riley & Scarborough LLP in Boston concentrating his practice on a variety …
Erin L. Webb is an associate in Dickstein Shapiro’s Insurance Coverage Group. Erin’s practice focuses on representing policyholders in insurance coverage litigation. She has experience in every stage of litigation relating to a wide variety of insurance policies and has obtained favorable appellate rulings on key insurance coverage issues. Erin is a member of the Firm’s Cybersecurity and Intellectual Property practice.
Erin has experience with commercial general liability, directors and officers, political risk, professional liability, and first-party property policies, including business interruption and contingent business interruption losses. She also has experience with additional insured issues, indemnity agreements, insurance issues in mergers and acquisitions, claims against insurance brokers, and insurance issues relevant to clients facing bankruptcy. Erin is recognized as a “Rising Star” in the 2014 edition of Washington DC Super Lawyers.
Erin L. Webb is an associate in Dickstein Shapiro’s Insurance Coverage Group. Erin’s practice focuses on representing policyholders in insurance …
KENNETH M. LABBATE has over 20 years’ experience in defending complex civil litigations on behalf of professionals including accountants, attorneys, insurance agents and brokers, architects & engineers, land surveyors, title companies, real estate brokers & appraisers and other miscellaneous professionals. Mr. Labbate also provides coverage advice to and handles declaratory judgment actions on behalf of insurers involving issues arising under professional liability, Directors & Officers and Cyber/Technology/Media liability policies.
Mr. Labbate received the 2014 Burton Award for Distinguished Legal Writing for the article he co-authored, LIBOR, Everything You Ever Wanted to Know But Were Afraid To Ask published in Volume VI, No. II of The Journal of Business Entrepreneurship & the Law, Pepperdine University School of Law. He has recently published other articles including After the Banks, FDIC Pursues Appraisers (NYLJ August 1, 2013) and E&O Liability Arising from Superstorm Sandy (HarrisMartin Publishing, June 24, 2013). He recently co-authored another article, Corporate Risk Presented by Ever Evolving and Growing Cyber Crime: Trying Times for Directors & Officers, which analyzes some of the difficult issues faced by today’s Directors & Officers in light of the increasing risks presented by Cybercrime.
Mr. Labbate is admitted to practice in New York and Connecticut and has litigated in federal and state courts throughout the United States. His experience includes jury and bench trials, arbitrations, and appeals. He is a graduate of the State University of New York at Albany and Hofstra Law School.
KENNETH M. LABBATE has over 20 years’ experience in defending complex civil litigations on behalf of professionals including accountants, attorneys, …
Joshua Katz is a partner at Weisbrod Matteis & Copley where he advises corporate policyholders, including technology companies, on a variety of issues related to insurance coverage and strategic risk management. He assists his corporate clients in evaluating their existing insurance portfolios, procuring industry specific coverage, and recovering from insurers when significant losses occur. Mr. Katz has represented corporate and other policyholders with respect to a wide range of matters, including matters involving cyber liability, professional liability, and directors and officers liability.
Mr. Katz's recent and current insurance-related representations have included:
- Advising an internet advertising company in the procurement of industry specific insurance, including cyber liability and privacy coverage.
- Representing a technology startup in an insurance coverage dispute relating to allegations of privacy violations.
- Conducting insurance coverage audits for corporate clients, including technology companies and international law firms.
- Representing international food companies in insurance recovery efforts relating to claims and losses arising out of property damage incidents and incidents involving contamination of processed food products.
- Representing an international law firm in insurance coverage disputes relating to lawsuits and investigations involving allegations of malpractice and fraud.
- Representing corporate policyholders, including corporations in the automotive and industrial manufacturing industries, to secure insurance coverage for mass tort and other significant claims.
Joshua Katz is a partner at Weisbrod Matteis & Copley where he advises corporate policyholders, including technology companies, on a …
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About XL Group
XL Group plc (NYSE: XL), 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. Through flexible underwriting, industry expertise and award-winning claims systems, XL Group’s Cyber & Technology team delivers innovative insurance solutions to clients around the world. To learn more, visit xlgroup.com/insurance
About Marsh FINPRO
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 27,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and people. With 57,000 colleagues worldwide and annual revenue exceeding US$13 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook, and YouTube.
About Nelson Mullins Riley & Scarborough LLP
Nelson Mullins Riley & Scarborough LLP offers the strength and resources of attorneys and professional staff experienced in a range of services. Our attorneys provide advice and counsel in litigation, corporate, economic development, securities, finance, intellectual property, government relations, regulatory, and other needs of clients ranging from private individuals to large businesses, including many publicly held companies. For more information, visit www.nelsonmullins.com.
About Dickstein Shapiro
Founded in 1953, Dickstein Shapiro is internationally recognized for its work with clients, from start-ups to Fortune 500 corporations. Dickstein Shapiro provides strategic counsel and develops multidisciplinary legal solutions by leveraging its core strengths—litigation, regulatory, transactions, and advocacy—to successfully advance clients’ business interests.
About Mound Cotton Wollan & Greengrass
Founded in 1933, Mound Cotton Wollan & Greengrass is one of the oldest and most respected law firms in New York City, offering preeminent legal services in a wide array of practice areas. Based in New York’s financial district, Mound Cotton is primarily engaged in litigation with vast experience in complex disputes in numerous jurisdictions across the US and abroad.
About Weisbrod Matteis & Copley
Weisbrod Matteis & Copley PLLC is a boutique law firm based in Washington, D.C. The firm litigates and tries cases throughout the United States, and was one of only ten firms in the country named by The National Law Journal to its 2014 Litigation Boutiques Hot List. The firm specializes in cases involving commercial and financial disputes (including supply chain and manufacturing matters); insurance coverage (always on behalf of policyholders, never on behalf of insurers); and intellectual property (including patent, copyright and trade secret matters). The firm’s lawyers have excellent academic credentials, and most previously worked at major international firms. The firm primarily represents plaintiffs, but some clients also retain the firm to represent them as defendants.