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Cyber Liability...A call to action!

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Brian Smith

on 14 September 2015

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Transcript of Cyber Liability...A call to action!

Cyber Liability
Laws
Regulations
Hitech Act
HIPAA
Gramm, Leach Bliley
4GB Hard Drive on Key Chain
Coverages that may be considered
as a method of cyber protection...
Crime
General Liability
Intellectual Property
Advertising Liability
Exclusions
Data versus Information
Real Property
Value rests where?
In the cost of notification
Nearly all 50 states have
data breach notification rules
Personal data should remain confidential
Server
40 Linear Feet of Books
75 spreadsheets
75 Tabs
400 columns with 100,000 rows
Let's say an accountant
wants to bring home some
work on his 4GB keychain
harddrive
Lose your keys
$204 per lost record
Denial of service attack
Business interruption
Data Breech Analysis
Compliance with state notification laws
New and ever changing
Massachusetts Law
Encryption
Congress is looking at 1 Law
Securities liability based on
loss attributed to hacking into
system and stock price drop
Claim Scenario
Negligence of property supervision
Birth of a new era
Basically Legal Coverage
Some existing policies may
not cover notification
Claim Scenario
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
Websites
E-Commerce
Medical
Patient records
Laptops stolen
Computer company that
provides servers
Anytime data is stored electronically
Cyber
Media
Umbrealla-follow form?
On a 1st party loss, is a "worm"
a covered peril?
Contingent Business Interruption
Property
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
Accounting
Keys
Disks
Hardware
Dumpster Papers
Hackers
Opportunities
Coverage analysis
vs gaps from existing policies
Ultimately complete policy analysis
Data Mining
Retail
Manufacturing
Customer Numbers
Employee Files
Legal Documents
Financial Information
Increased sense of urgency due to law changes
The time to act is now
Security testing
Policy development
Red Flags Rule
FACTA
Full transcript