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Cyber Insurance

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by

Ryan Bramlette

on 9 March 2017

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Transcript of Cyber Insurance

Cyber Insurance
Global written premiums of $3 billion today
Expected to reach $14 billion in written premiums by 2022
3rd Party Coverage:
Security Breach Liability
Failure to prevent security breach of a computer system
Transmittal by electronic means of a virus to another person or organization
Denial of Service Attack (1st & 3rd Party Exposure)
3rd Party Coverage:
Regulatory fines/penalties
Monetary Fines
Monetary Penalties
Not covered by all policies
3rd Party Coverage:
Privacy Liability
Release of non-public personal information
Personal Financial Information
Protected Health Information
Release of confidential corporate information
3rd Party Coverage:
Content/Media Liability
Why have coverage?
Cost of attorney fees and legal judgements
Notification costs of breach
Cost to repair or restore computer programs and data
Public relations costs

unauthorized use or infringement of copyrights, slogans, trademarks
plagiarism
defamation, libel, slander related to media content
Example: Real Estate Exec wins $38m over defamation scandal
1st Party Coverage:
Public Relations Expenses
Reputation management following cyber event
Cost to hire public relations firm to restore consumer confidence
1st Party Coverage:
Security Breach Expenses
Notification Expenses
Credit Monitoring Expenses
Costs to to identify affected parties
1st Party Coverage:
Restoration of Electronic Data
Costs to replace or restore electronic data that has been destroyed or corrupted
Hardware restoration often excluded. Some insurance carriers will offer coverage
1st Party Coverage:
Extortion & Ransom Payment
Money & Securities paid for Ransom
Typically in Bitcoin
Prior written consent from carrier often required
1st Party Coverage:
Business Interruption


Computer violation or attack causes interruption of normal business activities
Net Income before taxes
Extra Expenses to continue normal operations
Full transcript