Cyber Threats and the Insurance Response

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Cyber Threats and the Insurance Response"

Transcription

1

2 Cyber Threats and the Insurance Response Scott Reeves & Laurence Yan Munich Reinsurance Company This presentation has been prepared for the Actuaries Institute 2014 General Insurance Seminar. The Institute Council wishes it to be understood that opinions put forward herein are not necessarily those of the Institute and the Council is not responsible for those opinions.

3 Cyber Threats and the Insurance Response Landmark Events Exposures The Government and Industry Response Insurance Coverage Options & Market Actuarial Context and Concerns Case Study

4 Sony Playstation Network Date April 2011 Extent of Breach Source of Breach Insurance 77 million records Compromise of System Administrator s account via malicious Coverage denied under GL policy

5 Target (United States) Date 27 November 15 December 2013 Extent of Breach Source of Breach Insurance 40 million credit cards 70 million other records RAM Memory Scraping Malware $100m Cyber Policy $65m D&O Policy

6 Other Recent Breaches Target Location Date Extent of Breach Kmart US Sept 2014 Credit card information Home Depot US April - Aug million credit cards CHS US July million patient records EBay US May 2014 User login details JP Morgan US August million customer records ABC AUS February ,000 User login details Telstra AUS May ,000 User login details

7 Denial of Service Extortion Electronic Vandalism Theft of data Computer Virus Cyber Risk Exposures Security Privacy laws HIPAA + HITECH Gramm-Leach-Bliley Future Legislation Reputation Compliance & Privacy Primarily First Party Primarily Third Party Massive distribution of false information Systematic posting of incorrect info on web pages Liability Intellectual Property infringement Product/Service failure Privacy violation

8 Accumulation Concerns Global Outage of External Networks client 2 nd tier Worldwide spread Many services interrupted Prevention by insured not possible client bank bank company bank credit company 1 st tier sub cloud provider end user sub cloud provider Self-reproducing Computer Viruses company bank Worldwide spread Many systems infected per event invalid supplier pharma hospital Cloud provider Onlineshop end user end user Outage of a Large Cloud Service Provider Accumulation triggered by one company Many clients affected per event lab doc lab hospital doc pharma industry end user sub cloud provider sub cloud provider sub cloud provider hospital end user sub cloud provider

9 Government Responses Privacy Amendment (Privacy Alerts) Bill 2014 Possible introduction of mandatory data breach notification. Under consideration by the House of Representatives Australian Privacy Principles, March 2014 OAIC now has more powers to investigate breaches and seek civil penalties ALRC Report: Serious Invasions of Privacy in the Digital Era Recommendation for the creation of a tort for breach of privacy

10 Industry Response: PCI-DSS Payment Card Industry Data Security Standards Credit card industry self-regulating body (worldwide) All entities processing credit card transactions are required to comply Designed to reduce fraudulent transactions Authority to fine non-complying entities in the event of a data breach

11 Insurance Response Traditional Covers Property: Cover is specific to physical loss or damage to tangible property Data is not generally defined as tangible property General Liability: Typically covers bodily injury & property damage to tangible property May specifically exclude electronic data Professional Indemnity (Errors & Omissions): Covers third party economic damages resulting from a failure of defined services only Typically tied to/requires an act of negligence to trigger cover Directors and Officers: Covers economic damages resulting from a wrongful act by the directors/officers Possible secondary coverage provided for consequences of a cyber event

12 Insurance Response Coverage Options Cyber insurance policy 1st party Cyber Expenses 3rd party Cyber Liability Crisis Consulting Forensics Notification Costs Credit Monitoring IT Vandalism Electronic Theft Business Interruption Network Extortion Privacy Disclosure/Liability Security Failure Internet Communication and Media Liability Intellectual Property Legal Counsel Internal Network Interruption Administrative Fines Access Failure

13 Global Cyber (Re)insurance Market Estimated Primary Insurance Cyber Market (2014 & 2020, in USD billion) 6 8 Rest of the World North America ~ 1 3 North America Cyber liability treaties mainly coming from specialist insurers or global clients Europe Few Cyber treaties, mainly from global clients or large local insurers ~ ~ 2 ~5 Asia Growing demand in all lines of business; high growth rates expected

14 State of the Market Australia (Current) AUD 150m market capacity 12 Carriers Limited claims activity Limited policy take-up Mandatory notification requirement may lead to increased awareness and higher insurance penetration

15 State of the Market - Australian (Future) In terms of the impact of these changes on the industry, if the 2014 Bill is introduced and mandatory breach notification become a feature of the Australian privacy regime, Australia may follow in the footsteps of the United States, where class actions emanating from mass breaches of privacy obligations are occurring with increasing frequency. Privacy law reforms the key changes in 2014 Norton Rose Fulbright (June 2014)

16 Actuarial Context and Concerns Data quality and limited dataset Dynamic regulatory environment Evolving exposures Varying claims costs drivers Spill-over claims against other classes of business Accumulation scenario modelling and pricing

17 Case Study Scenario Partnership with primary insurance client New product with no loss experience Third party liability arising from internet operations Homogenous class of insureds

18 Scenario-based Modelling Approach Average data breach loss quantum based on industry research Loss quantum reduced in accordance with the actual coverage provided Loss frequency derived from industry research Assign an average loss per average insured Loss cost modified by risk factors and dimension discounting

19 Pricing Control Cycle Reserving / monitoring performance Managing portfolio accumulations while working with imperfect data New / improving data sources

20 Concluding Remarks Quote from London Market underwriter Important and dangerous class of business Red Light District - attract unwary punters Standard actuarial techniques must be adapted Essential to work with underwriters and claims staff to understand complexities International risks - each country is different Demand is real: people need this cover Subject : Underwriting PI / D&O (2001)!!

CAGNY Spring 2015 Meeting Fundamentals of Cyber Risk. Brad Gow June 9th, 2015 Endurance

CAGNY Spring 2015 Meeting Fundamentals of Cyber Risk. Brad Gow June 9th, 2015 Endurance Fundamentals of Cyber Risk Brad Gow June 9th, 2015 Endurance But consider the kickoff chuckle to a speech given to the Wharton School in March 1977 by Sidney Homer of Salomon Brothers, the leading bond

More information

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Greater New York Chapter Association of Corporate Counsel November 19, 2015 Stephen D. Becker, Executive Vice President

More information

Data breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd

Data breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd Data breach, cyber and privacy risks Brian Wright Lloyd Wright Consultants Ltd Contents Data definitions and facts Understanding how a breach occurs How insurance can help to manage potential exposures

More information

Managing Cyber Risk through Insurance

Managing Cyber Risk through Insurance Managing Cyber Risk through Insurance Eric Lowenstein Aon Risk Solutions This presentation has been prepared for the Actuaries Institute 2015 ASTIN and AFIR/ERM Colloquium. The Institute Council wishes

More information

RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION

RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION October 23, 2015 THREAT ENVIRONMENT Growing incentive for insiders to abuse access to sensitive data for financial gain Disgruntled current and former

More information

Cyber/ Network Security. FINEX Global

Cyber/ Network Security. FINEX Global Cyber/ Network Security FINEX Global ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over

More information

APIP - Cyber Liability Insurance Coverages, Limits, and FAQ

APIP - Cyber Liability Insurance Coverages, Limits, and FAQ APIP - Cyber Liability Insurance Coverages, Limits, and FAQ The state of Washington purchases property insurance from Alliant Insurance Services through the Alliant Property Insurance Program (APIP). APIP

More information

Cyber Liability. Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029

Cyber Liability. Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029 Cyber Liability Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029 Today s Agenda What is Cyber Liability? What are the exposures? Reality of a

More information

Cyber Risks in Italian market

Cyber Risks in Italian market Cyber Risks in Italian market Milano, 01.10.2014 Forum Ri&Assicurativo Gianmarco Capannini Agenda 1 Cyber Risk - USA 2 Cyber Risk Europe experience trends Market size and trends Market size and trends

More information

To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ

To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ market bulletin Ref: Y4842 Title Purpose Type From Cyber Risks & Exposures To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ Event

More information

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature Demystifying Cyber Insurance Jamie Monck-Mason & Andrew Hill Introduction What is cyber? Nomenclature 1 What specific risks does cyber insurance cover? First party risks - losses arising from a data breach

More information

Cyber Insurance Presentation

Cyber Insurance Presentation Cyber Insurance Presentation Presentation Outline Introduction General overview of Insurance About us Cyber loss statistics Cyber Insurance product coverage Loss examples Q & A About Us A- Rated reinsurance

More information

Internet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler

Internet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler Internet Gaming: The New Face of Cyber Liability Presented by John M. Link, CPCU Cottingham & Butler 1 Presenter John M. Link, Vice President jlink@cottinghambutler.com 2 What s at Risk? $300 billion in

More information

CYBER/ NETWORK SECURITY

CYBER/ NETWORK SECURITY CYBER/ NETWORK SECURITY FINEX AUSTRALIA ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over

More information

9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability.

9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability. Miscellaneous Current Topics in Healthcare Professional Liability Josh Zirin, FCAS, MAAA Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the

More information

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the

More information

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America CYBER INSURANCE Cyber Insurance and Gaps in Traditional Insurance Cyber and E&O Team Willis FINEX North America Privacy & Network Security (Cyber) Insurance COVERAGE MODULES Privacy Expense Consumer Notification

More information

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance WHITEPAPER MARCH 2014 www.beroe-inc.com Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance Abstract With cyber-attacks becoming increasingly sophisticated and frequent, and with

More information

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Global Warning It is a matter of time before there is a major cyber attackon the global financial system and the public needs to invest heavily in

More information

Coverage is subject to a Deductible

Coverage is subject to a Deductible Frank Cowan Company Limited 75 Main Street North, Princeton, ON N0J 1V0 Phone: 519-458-4331 Fax: 519-458-4366 Toll Free: 1-800-265-4000 www.frankcowan.com CYBER RISK INSURANCE DETAILED APPLICATION Notes:

More information

Reducing Risk. Raising Expectations. CyberRisk and Professional Liability

Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Are you exposed to CyberRisk? Like nearly every other business, you have likely capitalized on the advancements in technology today

More information

Managing Cyber & Privacy Risks

Managing Cyber & Privacy Risks Managing Cyber & Privacy Risks NAATP Conference 2013 NSM Insurance Group Sean Conaboy Rich Willetts SEAN CONABOY INSURANCE BROKER NSM INSURANCE GROUP o Sean has been with NSM Insurance Group for the past

More information

What would you do if your agency had a data breach?

What would you do if your agency had a data breach? What would you do if your agency had a data breach? 80% of businesses fail to recover from a breach because they do not know this answer. Responding to a breach is a complicated process that requires the

More information

Cyber Exposure for Credit Unions

Cyber Exposure for Credit Unions Cyber Exposure for Credit Unions What it is and how to protect yourself L O C K T O N 2 0 1 2 www.lockton.com Add Cyber Title Exposure Here Overview #1 financial risk for Credit Unions Average cost of

More information

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry DATA BREACH A FICTIONAL CASE STUDY THE FIRST SIGNS OF TROUBLE Friday, 5.20 pm :

More information

Data breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC

Data breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC Data breach! cyber and privacy risks Brian Wright Michael Guidry Lloyd Guidry LLC Collaborative approach Objective: To develop your understanding of a data breach, and risk transfer options to help you

More information

THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS

THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS Read the Marsh Risk Management Research Briefing: Cyber Risks Extend Beyond Data and Privacy Exposures To access the report, visit www.marsh.com.

More information

Insurance implications for Cyber Threats

Insurance implications for Cyber Threats Lillehammer Energy Claims Conference Lillehammer March 7, 2014 Insurance implications for Cyber Threats How enterprises need to prepare for the inevitable JLT is one of the world s largest providers of

More information

Mitigating and managing cyber risk: ten issues to consider

Mitigating and managing cyber risk: ten issues to consider Mitigating and managing cyber risk: ten issues to consider The board of directors is responsible for managing and mitigating risk exposure. A recent study conducted by the Ponemon Institute 1 revealed

More information

erisks Policyholder s Guide to Privacy & Security Breach Response Planning

erisks Policyholder s Guide to Privacy & Security Breach Response Planning erisks Policyholder s Guide to Privacy & Security Breach Response Planning Professional Indemnity Financial Institutions Directors & Officers Management Liability Medical Malpractice Media Liability Level

More information

Data Breach and Senior Living Communities May 29, 2015

Data Breach and Senior Living Communities May 29, 2015 Data Breach and Senior Living Communities May 29, 2015 Todays Objectives: 1. Discuss Current Data Breach Trends & Issues 2. Understanding Why The Senior Living Industry May Be A Target 3. Data Breach Costs

More information

Our specialist insurance services for Professionals risks

Our specialist insurance services for Professionals risks Our specialist insurance services for Professionals risks Price Forbes & Partners is an independent Lloyd s broker based in the heart of London s insurance sector. We trade with all of the major international

More information

Incentives and barriers for the cyber insurance market in Europe

Incentives and barriers for the cyber insurance market in Europe Incentives and barriers for the cyber insurance market in Europe Dr. Konstantinos MOULINOS ENISA 1 Agenda o A few words about ENISA o State of play - Why cyber insurance is needed? o Barriers - challenges?

More information

The Onslaught of Cyber Security Threats and What that Means to You

The Onslaught of Cyber Security Threats and What that Means to You The Onslaught of Cyber Security Threats and What that Means to You No End in Sight for Cyber Crime Growth Number of mobile devices affected IBM Number of accounts hacked CNN Money Number of malware samples

More information

Lost in Cyber Space? Cyber Risks and (Re-) Insurance

Lost in Cyber Space? Cyber Risks and (Re-) Insurance Lost in Cyber Space? Cyber Risks and (Re-) Insurance PIU - 10 June 2014 Constanze Brand, Swiss Re Europe S.A., New challenges and innovations in reinsurance PIU - 10 June 2014 Lost in Cyber Space? Cyber

More information

Discussion on Network Security & Privacy Liability Exposures and Insurance

Discussion on Network Security & Privacy Liability Exposures and Insurance Discussion on Network Security & Privacy Liability Exposures and Insurance Presented By: Kevin Violette Errors & Omissions Senior Broker, R.T. Specialty, LLC February, 25 2014 HFMA Washington-Alaska Chapter

More information

Understanding the Business Risk

Understanding the Business Risk AAPA Cybersecurity Seminar Andaz Savannah Hotel March 11, 2015 10:30 am Noon Understanding the Business Risk Presenter: Joshua Gold, Esq. (212) 278-1886 jgold@andersonkill.com Disclaimer The views expressed

More information

Managing Your Cyber & Data Risk 2010 NTA Convention Montreal, Quebec

Managing Your Cyber & Data Risk 2010 NTA Convention Montreal, Quebec Managing Your Cyber & Data Risk 2010 NTA Convention Montreal, Quebec Jeremy Ong Divisional Vice-President Great American Insurance Company November 13, 2010 1 Agenda Overview of data breach statistics

More information

Cybersecurity: Emerging Legal Risks

Cybersecurity: Emerging Legal Risks Cybersecurity: Emerging Legal Risks Data Breach Cyber Liability Seminar April 17, 2015 By: Tsutomu L. Johnson tj@scmlaw.com Overview of 2014 Data Breaches: JP Morgan, Home Depot, P.F. Chang s, Healthcare.gov,

More information

Cyber-insurance: Understanding Your Risks

Cyber-insurance: Understanding Your Risks Cyber-insurance: Understanding Your Risks Cyber-insurance represents a complete paradigm shift. The assessment of real risks becomes a critical part of the analysis. This article will seek to provide some

More information

CYBER LIABILITY INSURANCE

CYBER LIABILITY INSURANCE CYBER LIABILITY INSURANCE CONTINUING EDUCATION CLASS MARCH 6, 2013 PRESENTED BY COUSINO HARRIS STEWART V. NELSON, Senior Risk Advisor Stewart.Nelson@Kapnick.com 734 929 6057 Class Objectives Understand

More information

Data Breach and Cybersecurity: What Happens If You or Your Vendor Is Hacked

Data Breach and Cybersecurity: What Happens If You or Your Vendor Is Hacked Data Breach and Cybersecurity: What Happens If You or Your Vendor Is Hacked Linda Vincent, R.N., P.I., CITRMS Vincent & Associates Founder The Identity Advocate San Pedro, California The opinions expressed

More information

CYBER LIABILITY. Bring on tomorrow. Network Security and Privacy. May 15, 2014

CYBER LIABILITY. Bring on tomorrow. Network Security and Privacy. May 15, 2014 CYBER LIABILITY Network Security and Privacy Bring on tomorrow May 15, 2014 1 AGENDA I. Identify Exposures II. Identify how a breach can occur III. The Coverage (Third Party Liability + First Party Losses)

More information

Airmic Review of Recent Developments in the Cyber Insurance Market. & commentary on the increased availability of cyber insurance products GUIDE

Airmic Review of Recent Developments in the Cyber Insurance Market. & commentary on the increased availability of cyber insurance products GUIDE Airmic Review of Recent Developments in the Cyber Insurance Market & commentary on the increased availability of cyber insurance products GUIDE 1. Executive summary Airmic members have become increasingly

More information

Privacy / Network Security Liability Insurance Discussion. January 30, 2013. Kevin Violette RT ProExec

Privacy / Network Security Liability Insurance Discussion. January 30, 2013. Kevin Violette RT ProExec Privacy / Network Security Liability Insurance Discussion January 30, 2013 Kevin Violette RT ProExec 1 Irrefutable Laws of Information Security 1) Information wants to be free People want to talk, post,

More information

CYBER RISK SECURITY, NETWORK & PRIVACY

CYBER RISK SECURITY, NETWORK & PRIVACY CYBER RISK SECURITY, NETWORK & PRIVACY CYBER SECURITY, NETWORK & PRIVACY In the ever-evolving technological landscape in which we live, our lives are dominated by technology. The development and widespread

More information

Cyber/Information Security Insurance. Pros / Cons and Facts to Consider

Cyber/Information Security Insurance. Pros / Cons and Facts to Consider 1 Cyber/Information Security Insurance Pros / Cons and Facts to Consider 2 Presenters Calvin Rhodes, Georgia Chief Information Officer Ron Baldwin, Montana Chief Information Officer Ted Kobus, Partner

More information

HIPPA Goes HITECH. Data Protection for Agents

HIPPA Goes HITECH. Data Protection for Agents HIPPA Goes HITECH Data Protection for Agents For agent information only. this material should not be distributed to the public or used in any solicitation. 13-0127 Course objectives Agents will be able

More information

Cyber and data Policy wording

Cyber and data Policy wording Please read the schedule to see whether Breach costs, Cyber business interruption, Hacker damage, Cyber extortion, Privacy protection or Media liability are covered by this section. The General terms and

More information

Network Security & Privacy Liability:

Network Security & Privacy Liability: Network Security & Privacy Liability: An Overview of Loss Mitigation Concepts and Data Breach Response Services March 20 th, 2012 Brian Cole, Managing Director Professional Liability Specialty Practice

More information

Cyber-Crime Protection

Cyber-Crime Protection Cyber-Crime Protection A program of cyber-crime prevention, data breach remedies and data risk liability insurance for houses of worship, camps, schools, denominational/association offices and senior living

More information

THE ANATOMY OF A CYBER POLICY. Jamie Monck-Mason & Andrew Hill

THE ANATOMY OF A CYBER POLICY. Jamie Monck-Mason & Andrew Hill THE ANATOMY OF A CYBER POLICY Jamie Monck-Mason & Andrew Hill What s in a name? Lack of uniformity in policies: Cyber Cyber liability Data protection Tech PI The scope of cyber insurance First party coverage

More information

Insurance and operational risk under Basel II and the CRD

Insurance and operational risk under Basel II and the CRD Insurance and operational risk under Basel II and the CRD John Thirlwell BBA, London, 14 May 2008 1 Agenda CRD criteria specifics mapping Solutions Comments on some market solutions A preferred solution

More information

Security & Privacy Current cover and Risk Management Services

Security & Privacy Current cover and Risk Management Services Security & Privacy Current cover and Risk Management Services Introduction Technological advancement has enabled greater working flexibility and increased methods of communications. However, new technology

More information

Specialty Risk Protector

Specialty Risk Protector Specialty Professional Liability and Data and Network Security Insurance is a single policy that makes it easy for companies to secure the multi-faceted E&O protection our networked world requires. A simplified,

More information

Cyber Liability Insurance

Cyber Liability Insurance Annual Board of Directors Conference 29 April 2014 TOC - 1 The Cyber Risk Landscape 2 Regulation Changes 3 Case Study Why to insure 4 Page 2 The Cyber Risk Landscape 2013 Lloyds Risk Index : Cyber Risk

More information

Privacy Legislation and Industry Security Standards

Privacy Legislation and Industry Security Standards Privacy Legislation and Issue No. 3 01010101 01010101 01010101 Information is generated about and collected from individuals at an unprecedented rate in the ordinary course of business. In most cases,

More information

Privacy and Data Breach Protection Modular application form

Privacy and Data Breach Protection Modular application form Instructions The Hiscox Technology, Privacy and Cyber Portfolio Policy may be purchased on an a-la-carte basis. Some organizations may require coverage for their technology errors and omissions, while

More information

Cyber Insurance as one element of the Cyber risk management strategy

Cyber Insurance as one element of the Cyber risk management strategy Cyber Insurance as one element of the Cyber risk management strategy Stéphane Hurtaud Partner Governance, Risk & Compliance Thierry Flamand Partner Insurance Leader Laurent de la Vaissière Director Governance,

More information

Camargue is more than a policy. Camargue is more than a product. Camargue is a concept

Camargue is more than a policy. Camargue is more than a product. Camargue is a concept Camargue 2001-2015 Camargue is more than a policy. Camargue is more than a product. Camargue is a concept The Camargue concept is driven by an inherent desire to keep challenging what is possible in the

More information

Cyber Risk State of the Art

Cyber Risk State of the Art Proudly presents Cyber Risk State of the Art Matthew Davies, Chubb Insurance Catherine Dowdall, Canada Post Mike Petersen, Marsh 1 Agenda 1. Who is At Risk? 2. New/Emerging Risk and Trends 3. Canada Post

More information

Cyber Insurance What is it? Should your bank purchase it? Roberta D. Anderson Partner, K&L Gates LLP roberta.anderson@klgates.

Cyber Insurance What is it? Should your bank purchase it? Roberta D. Anderson Partner, K&L Gates LLP roberta.anderson@klgates. Cyber Insurance What is it? Should your bank purchase it? Roberta D. Anderson Partner, K&L Gates LLP roberta.anderson@klgates.com March 8, 2016 AGENDA Spectrum of Cyber Risk Cutting Edge Cyber Insurance

More information

Enterprise PrivaProtector 9.0

Enterprise PrivaProtector 9.0 IRONSHORE INSURANCE COMPANIES 75 Federal St Boston, MA 02110 Toll Free: (877) IRON411 Enterprise PrivaProtector 9.0 Network Security and Privacy Insurance Application THE APPLICANT IS APPLYING FOR A CLAIMS

More information

Joe A. Ramirez Catherine Crane

Joe A. Ramirez Catherine Crane RIMS/RMAFP PRESENTATION Joe A. Ramirez Catherine Crane RISK TRANSFER VIA INSURANCE Most Common Method Involves Assessment of Risk and Loss Potential Risk of Loss Transferred For a Premium Insurance Contract

More information

SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE

SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE Businesses today rely heavily on computer networks. Using computers, and logging on to public and private networks has become second nature to

More information

Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for?

Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for? Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for? Authored by Neeraj Sahni and Tim Stapleton Neeraj Sahni is Director, Insurance Channel at Kroll Cyber Investigations

More information

Cyber Risk Insurance for Agents. Frequently Asked Questions

Cyber Risk Insurance for Agents. Frequently Asked Questions Cyber Risk Insurance for Agents Frequently Asked Questions 1 Cyber Risk Insurance About Great American Insurance Great American Insurance Group s roots go back to 1872 with the founding of its flagship

More information

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system

More information

Statutory Liability Insurance

Statutory Liability Insurance Statutory Liability Insurance December 2015 Statutory Liability Insurance is designed to provide cover to the company and its directors, officers and employees for defence costs and fines/penalties in

More information

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter An Introduction to Cyber Liability Insurance Catherine Berry Senior Underwriter What is cyber risk? Exposures emanating from computer networks and the internet The Cyber Risk Phenomenon The incredible

More information

What you need to know and what you can t afford to ignore!

What you need to know and what you can t afford to ignore! Cyber Risk: What you need to know and what you can t afford to ignore! James Johnston Directors' and Officers' Insurance Underwriter Daniel Fletcher Cyber Insurance Underwriter Financial & Specialty Markets

More information

Cyber Insurance Research Paper

Cyber Insurance Research Paper Cyber Insurance Research Paper Sponsored by AIG Contents 2 Introduction 3 Legislative Environment 4 Other Jurisdictions 5 Cost of a Data Breach 6 Incident Response 7 What is Cyber Insurance? 8 Who is it

More information

Data Security Breaches: Learn more about two new regulations and how to help reduce your risks

Data Security Breaches: Learn more about two new regulations and how to help reduce your risks Data Security Breaches: Learn more about two new regulations and how to help reduce your risks By Susan Salpeter, Vice President, Zurich Healthcare Risk Management News stories about data security breaches

More information

Network Security & Privacy Landscape

Network Security & Privacy Landscape Network Security & Privacy Landscape Presented By: Greg Garijanian Senior Underwriter Professional Liability 1 Agenda Network Security Overview -Latest Threats - Exposure Trends - Regulations Case Studies

More information

Insurance for Data Breaches in the Hospitality Industry

Insurance for Data Breaches in the Hospitality Industry The Academy of Hospitality Industry Attorneys The Pl Palmer House Hilton Chicago, IL April 25, 2014 Insurance for Data Breaches in the Hospitality Industry Presenters: David P. Bender, Jr. dbender@andersonkill.com

More information

Cyber Security: Are You Prepared?

Cyber Security: Are You Prepared? Cyber Security: Are You Prepared? This briefing provides a high-level overview of the cyber security issues that businesses should be aware of. You should talk to a lawyer and an IT specialist for a complete

More information

Aon & DLA Piper s 2014 Network Security & Privacy Symposium. September 2014

Aon & DLA Piper s 2014 Network Security & Privacy Symposium. September 2014 Aon & DLA Piper s 2014 Network Security & Privacy Symposium September 2014 2014 Aon Corporation Australia Limited ABN 58 004 756 772 Kevin Kalinich Global Cyber Leader Aon Risk Solutions Network Security

More information

Policy Considerations for Covering Special Exposures. Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium

Policy Considerations for Covering Special Exposures. Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium Policy Considerations for Covering Special Exposures Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium Special exposures Coverage that targets a loss with

More information

What Data? I m A Trucking Company!

What Data? I m A Trucking Company! What Data? I m A Trucking Company! Presented by: Marc C. Tucker 434 Fayetteville Street, Suite 2800 Raleigh, NC, 27601 919.755.8713 marc.tucker@smithmoorelaw.com Presented by: Rob D. Moseley, Jr. 2 West

More information

Aon Risk Solutions Global Risk Consulting Captive & Insurance Management. Cyber risk and the captive market - a match made in the cloud?

Aon Risk Solutions Global Risk Consulting Captive & Insurance Management. Cyber risk and the captive market - a match made in the cloud? Aon Risk Solutions Global Risk Consulting Captive & Insurance Management Cyber risk and the captive market - a match made in the cloud? With increasing news coverage of cyber-attacks and despite indications

More information

Cyber Threats: Exposures and Breach Costs

Cyber Threats: Exposures and Breach Costs Issue No. 2 THREAT LANDSCAPE Technological developments do not only enhance capabilities for legitimate business they are also tools that may be utilized by those with malicious intent. Cyber-criminals

More information

Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015

Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015 Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015 Today s Agenda What are we talking about today? What is Risk Evolution of risk management Understand the importance of Risk

More information

Embracing Cyber Risk: Insurance Solutions

Embracing Cyber Risk: Insurance Solutions Embracing Cyber Risk: Insurance Solutions ANZIIF Risk Rendezvous 15 Ian Pollard, Managing Director, Delta Insurance New Zealand Limited Agenda Risk Management Risk Transfer and Insurance Cyber attacks

More information

CYBER & PRIVACY LIABILITY INSURANCE GUIDE

CYBER & PRIVACY LIABILITY INSURANCE GUIDE CYBER & PRIVACY LIABILITY INSURANCE GUIDE 01110000 01110010 011010010111011001100001 01100 01110000 01110010 011010010111011001100001 0110 Author Gamelah Palagonia, Founder CIPM, CIPT, CIPP/US, CIPP/G,

More information

Protecting your business from cyber crime and data loss. November 2014

Protecting your business from cyber crime and data loss. November 2014 Protecting your business from cyber crime and data loss November 2014 1 QBE - Protecting your business from cyber crime and data loss Foreword Today s business environment moves at a rapid pace with a

More information

Can Cyber Insurance Be Linked to Assurance?

Can Cyber Insurance Be Linked to Assurance? SESSION ID: CXO-W03 Can Cyber Insurance Be Linked to Assurance? Larry Clinton President and CEO Internet Security Alliance @ISalliance Dan Reddy Adjunct Faculty: Engineering & Technology Quinsigamond Community

More information

Data Breach Notifications. Submission by the Australian Communications Consumer Action Network to the Attorney General s Department

Data Breach Notifications. Submission by the Australian Communications Consumer Action Network to the Attorney General s Department Data Breach Notifications Submission by the Australian Communications Consumer Action Network to the Attorney General s Department November 2012 About ACCAN The Australian Communications Consumer Action

More information

Achieving Cyber Resilience. By Garin Pace, Anthony Shapella and Greg Vernaci

Achieving Cyber Resilience. By Garin Pace, Anthony Shapella and Greg Vernaci Achieving Cyber Resilience By Garin Pace, Anthony Shapella and Greg Vernaci Cyber security has become the single most important risk to company Boards of Directors around the world. This is not a surprise

More information

Privacy Rights Clearing House

Privacy Rights Clearing House 10/13/15 Cybersecurity in Education What you face as educational organizations How to Identify, Monitor and Protect Presented by Jamie Gershon Sr. Vice President Education Practice Group 1 Privacy Rights

More information

AISA Position Statement: Mandatory Data Breach Notification in Australia

AISA Position Statement: Mandatory Data Breach Notification in Australia AISA Position Statement: Mandatory Data Breach Notification in Australia Overview Although AISA members are broadly in support of mandatory data breach notification in Australia they have a number of concerns

More information

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS RRD Donnelley SEC Hot Topics Institute May 21, 2014 1 MANAGING CYBERSECURITY RISK AND DISCLOSURE OBLIGATIONS Patrick J. Schultheis Partner Wilson

More information

3. Contract Works Insurance (Public and Products Liability)

3. Contract Works Insurance (Public and Products Liability) Schedule 15A: Insurance Part 1 Required Insurances Sub-part 1 Design and Construction Phase The policies to be taken out by the Contractor, or caused to be taken out by the Major Sub-contractor, and maintained

More information

DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED?

DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? February 3, 2012 Steve Brown, Agency Manager West Virginia Medical Insurance Agency How many in the audience today will

More information

Cyber and Data Security. Proposal form

Cyber and Data Security. Proposal form Cyber and Data Security Proposal form This proposal form must be completed and signed by a principal, director or a partner of the proposed insured. Cover and Quotation requirements Please indicate which

More information

MISCELLANEOUS MEDICAL PROFESSIONAL AND GENERAL LIABILITY INSURANCE POLICY CLAIMS MADE AND REPORTED COVERAGE ENDORSEMENT

MISCELLANEOUS MEDICAL PROFESSIONAL AND GENERAL LIABILITY INSURANCE POLICY CLAIMS MADE AND REPORTED COVERAGE ENDORSEMENT MISCELLANEOUS MEDICAL PROFESSIONAL AND GENERAL LIABILITY INSURANCE POLICY CLAIMS MADE AND REPORTED COVERAGE ENDORSEMENT e-md E1857BA-0712 In consideration of the premium charged, it is understood and agreed

More information

Willis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk

Willis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk Willis Healthcare Practice 11 th Annual Forum July 10,2007 Managing and Insuring Risks in Network Privacy/Cyber Risk What is Network Security & Privacy Insurance? Created to cover gaps in traditional insurance

More information

ISO? ISO? ISO? LTD ISO?

ISO? ISO? ISO? LTD ISO? Property NetProtect 360 SM and NetProtect Essential SM Which one is right for your client? Do your clients Use e-mail? Rely on networks, computers and electronic data to conduct business? Browse the Internet

More information

Cyber Risks and Insurance Solutions Malaysia, November 2013

Cyber Risks and Insurance Solutions Malaysia, November 2013 Cyber Risks and Insurance Solutions Malaysia, November 2013 Dynamic but vulnerable IT environment 2 Cyber risks are many and varied Malicious attacks Cyber theft/cyber fraud Cyber terrorism Cyber warfare

More information

Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer?

Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Minnesota Society for Healthcare Risk Management September 22, 2011 Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Melissa Krasnow, Partner, Dorsey & Whitney, and Certified Information

More information

SMB Data Breach Risk Management Best Practices. By Mark Pribish February 19, 2015

SMB Data Breach Risk Management Best Practices. By Mark Pribish February 19, 2015 SMB Data Breach Risk Management Best Practices By Mark Pribish February 19, 2015 Presentation Agenda About Mark Pribish Information Governance The Threat Landscape Data Breach Trends Legislative and Regulatory

More information