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Cyber Liability...A call to action!
Transcript of Cyber Liability...A call to action!
Gramm, Leach Bliley
4GB Hard Drive on Key Chain
Coverages that may be considered
as a method of cyber protection...
Data versus Information
Value rests where?
In the cost of notification
Nearly all 50 states have
data breach notification rules
Personal data should remain confidential
40 Linear Feet of Books
400 columns with 100,000 rows
Let's say an accountant
wants to bring home some
work on his 4GB keychain
Lose your keys
$204 per lost record
Denial of service attack
Data Breech Analysis
Compliance with state notification laws
New and ever changing
Congress is looking at 1 Law
Securities liability based on
loss attributed to hacking into
system and stock price drop
Negligence of property supervision
Birth of a new era
Basically Legal Coverage
Some existing policies may
not cover notification
First Bank vs. Chubb
Denied based on security on actions and protections
Hidden triggers or exclusions
What may be required to maintain coverage?
3rd Party Compliance Assistance
Didn't verify compliance
If you are putting cookies on computers
and it is being used by the vendor
Computer company that
Anytime data is stored electronically
On a 1st party loss, is a "worm"
a covered peril?
Contingent Business Interruption
Where are the Exposures?
Can this effect D&O coverage?
Insureds defense of claims have come
from the question of data and software
being property and whether or not they
have covered perils
vs gaps from existing policies
Ultimately complete policy analysis
Increased sense of urgency due to law changes
The time to act is now
Red Flags Rule