The Evolution of Cyber Insurance Industry: Unraveling the Complexities
The cyber risk insurance industry is rapidly developing, with a staggering worldwide gross written premiums rising from 850 million dollars in 2012 to about 2.5 billion dollars in 2014. The market is growing fast due to the increasing number of cyber-attacks and the intensifying technological dependence of companies upon operational competencies and data storage. Amidst this rising demand, however, insurance firms are still struggling to define policies. A number of imperfections in the market are still not being addressed and this may lead to a sub-optimal outcome. As of June 2014, the total global cybercrime losses was 445 billion dollars. The governments’ heightened involvement in cyber threats could mean that compulsory cyber risk insurance is in the horizon and this would definitely transform the insurance market to a robust revenue source. Both businesses and the insurance industry should respond now to be able to manage the big shift.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders will help businesses and insurers understand the important aspects of this significant topic. They will provide an in-depth discussion of the Cyber-Insurance market trends as well as factors to consider in selecting the best cyber insurance coverage.
Key topics include:
- Cyber Insurance – Current Market Trends
- Challenges in Defining Policies
- Factors for Considerations in Selecting a Policy
- The Future of Cyber Insurance Market
- Regulatory Forecasts
Peter S. Selvin, Attorney
Mark A. Boyle, Managing Partner
Boyle, Gentile & Leonard, PA
- Liability Implications of a data breach arising from a cyber attack – Identification of the two key parameters - (a) which parties will bear civil liability and (b) the corresponding damages that will flow from such an incident. In other words, “who gets tagged? And for what?”
- Potential targets/defendants in the wake of a cyber attack
- Range of losses/damages arising from a cyber attack
- Discussion of the key reported cases, including Caremark, Target, Home Depot, Sony Pictures, etc.
- Why traditional insurance products (e.g., D & O, CGL) are inadequate to provide coverage in these circumstances.
- Discussion of the interplay between cyber insurance and D & O insurance.
- Why this has now become a board issue and the circumstances in which a D & O claim may often be asserted following a cyber-attack.
- Gross Anatomy
- Covered Risks
- First-party coverage
- Third-party coverage
- Trigger of Coverage
- Classes/Flavors of Losses Covered
- Areas of Concern/Push Back/Flexibility
- Cyber event & terrorist attack or cyber attack
- Do the enacted 9-11 terrorism exclusions have an impact of these policies?
- i.e. would a cyber-terrorism attack trigger the act of war exclusions? (Sony Pictures).
Who Should Attend:
- Insurance Agencies
- Insurance Advisers
- In-house Counsel
- Cyber Security Lawyers
- Cyber Security Professionals
- Chief Information Officers
- Chief Security Officers
- Top Level Management
- Data Privacy Officers
- Private and Public Companies
- Other Related/Interested Professionals and Organizations
Peter S. Selvin is a partner with Los Angeles-based TroyGould, where he specializes in the civil litigation and insurance coverage and recovery. Since 2007 he has been listed in Best Lawyers in America® for both Commercial Litigation and Insurance Law.
Peter S. Selvin is a partner with Los Angeles-based TroyGould, where he specializes in the civil litigation and insurance coverage …
Mark A. Boyle is currently a partner with the law firm of Boyle & Leonard, P.A., located in Fort Myers, Florida. Mr. Boyle began his legal career working as an Assistant County Attorney for Pasco County in New Port Richey, Florida. Mr. Boyle began his foray into the world of insurance when he became associate general counsel for Armor Insurance Company in Tampa, Florida. In 1996, he entered into private practice with Fink & Lane, P.A., which is now known as Boyle, Gentile & Leonard, P.A.
Mr. Boyle’s current areas of practice include civil litigation, with a concentration in the handling of first and third party insurance disputes, including extra-contractual and bad faith matters.
Mr. Boyle is a 1993 graduate from Stetson College of Law, located in St. Petersburg, Florida. In 1990, Mr. Boyle received a Bachelor of Arts in History and a Bachelor of Science in Natural Sciences from the University of South Florida.
Mr. Boyle has been married to his wife, Linda, for 26 years, and they have two children, Mark Andrew, age 13, and Shannon, age 17.
Mark A. Boyle is currently a partner with the law firm of Boyle & Leonard, P.A., located in Fort Myers, …
Print and review course materials
Method of Presentation:
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
About TroyGould PC
TroyGould is a Los Angeles law firm with a practice emphasizing corporate and securities law (including mergers and acquisitions), entertainment, media (including motion picture finance, production and distribution in media), and litigation in virtually all business fields. The firm also represents clients in the real estate, financial services, employment, tax and general business practice areas.
In terms of its international practice, TroyGould has represented numerous companies based in China in connection with public offerings, reverse mergers, capital formation, and other corporate transactions. In this regard, the firm has distinguished itself as the only California firm with active memberships in the Pannone Law Group (PLG) and Legal Network International Oasis (LNI Oasis). The firm has represented U.S.-based financial advisors and investment bankers in the financing of Chinese companies (including acting as underwriter’s counsel) and provided guidance to Chinese companies in applying for listing on U.S. stock exchanges.
About Boyle & Leonard, P.A.
Boyle & Leonard, P.A. is a dynamic, established law firm which represents individual and business policyholders in all aspects and types of insurance recovery. With experience of insurance law, our attorneys provide legal advice and advocacy in a variety of complex insurance-related matters. Our firm frequently serves as insurance coverage co-counsel assisting other law firms and their clients with all aspects of insurance recovery. Our firm routinely handles appellate matters in both state and federal courts.
Our attorneys provide effective representation and assist policyholders with insurance recovery in: commercial general liability, general contractor, subcontractor, homeowners, hurricane/windstorm, commercial property, builders’ risk, automobile, boating, motorcycle, professional liability, directors and officers (D&O), errors and omissions (E&O), life, health, disability, umbrella, and excess insurance, and first and third party bad faith claims as well as experience in real estate matters.