CYBER 3.0. CUTTING-EDGE ADVANCEMENTS IN INSURANCE COVERAGE FOR CYBER RISK AND REALITY SFOR005 Speakers:

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2 CYBER 3.0 CUTTING-EDGE ADVANCEMENTS IN INSURANCE COVERAGE FOR CYBER RISK AND REALITY SFOR005 Speakers: Roberta D. Anderson, Partner, K&L Gates LLP Timothy Flaherty, Manager, Insurance Risk Management, Alcoa Inc.

3 LEARNING OBJECTIVES At the End of This Session, You Will: Understand the Cutting Edge Cyber Products Targeted to Address Cybersecurity and Data Privacy Risks Faced by Diverse Industries Learn Practical Tips for a Successful Cyber Insurance Placement, Including: Traps to Avoid How Coverage Under Off the Shelf Insurance Forms can be Enhanced and Broadened through Negotiation Obtain a Best Practices Checklist to Facilitate a Successful Placement Understand Potential Coverage under Legacy Policies

4 AGENDA Introduction Role and Perspective of the Risk Manager The Risk Manager's Role in Addressing and Mitigating Risk Unique Challenges and Opportunities in Placing Cyber Insurance Setting the Cyber Stage Practical Risk and Exposure Latest Legal and Regulatory Developments Newest Cutting Edge Cyber Products Third-Party, First-Party, and DIC Coverages How to Avoid the Traps How to Enhance Off-The-Shelf Forms/Best Practices Checklist Legacy Insurance Policies Potential Coverage and Limitations

5 INTRODUCTION rd ar da rd ar rrr r Roberta D. Anderson Insurance Coverage/ Data Privacy & Cybersecurity Partner rd ar da rd ar rrr r rd ar da rd ar rrr r Timothy Flaherty Manager Insurance Risk Management

6 ROLE AND PERSPECTIVE OF THE RISK MANAGER The Risk Manager's Role in Addressing and Mitigating Risk Unique Challenges Lack of Standardization (ISO Forms) Lack of Claims/Legal Precedent Capacity Opportunities Tailored Coverages Ability to Negotiate Enhancements Increasing Market Capacity

7 ROLE AND PERSPECTIVE OF THE RISK MANAGER In Placing Coverage: Determine the Need for Coverage Review the Extent of Coverage under Existing Policies Engage a Knowledgeable Broker and Outside Counsel Execute Non-disclosure Agreements with Potential Insurers Conduct Open Discussions and Partner with Your CFO to Complete the Application Conduct Face-to-Face Meetings with Potential Insurers Obtain Senior Management Concurrence or Authorization to Bind Coverage Retro Date Logistics Acquisitions Aligning Cyber Placement with Existing Programs Length of Time for Placement

8 SETTING THE CYBER STAGE Page 8

9 PRACTICAL RISK AND EXPOSURE Malicious Attacks Advanced Persistent Threats Social Engineering Viruses, Trojans, DDoS attacks Data Breach/Unauthorized Access Software Vulnerability (HeartBleed) System Glitches Employee Mobility Lost or Stolen Mobile and Other Portable Devices Vendors/Outsourcing (Function, Not the Liability) The Internet Of Things Human Error

10 klgates.com 10

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12 PRACTICAL RISK AND EXPOSURE Source: Ponemon Institute 2014 Cost of Data Breach Study Global

13 Source: Ponemon Institute LLC Cost of Data Breach Study: Global Analysis (May 2014)

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16 LATEST LEGAL AND REGULATORY DEVELOPMENTS Federal Cybersecurity/Data Privacy Laws HIPAA/HITECH GLBA FTC Act FCC Act FCRA/FACTA State Cybersecurity/Data Privacy Laws/Consumer Protection Statutes 47 States, D.C., & U.S. Territories Breach Notification Laws State Security Standards (MA, CA, CT, RI, OR, MD, NV) NIST Cybersecurity Framework Industry Standards, e.g., PCI DSS SEC Cybersecurity Risk Factor Guidance

17 SEC CYBERSECURITY [A]ppropriate disclosures may include : Discussion of aspects of the registrant's business or operations that give rise to material cybersecurity risks and the potential costs and consequences ; To the extent the registrant outsources functions that have material cybersecurity risks, description of those functions and how the registrant addresses those risks ; Description of cyber incidents experienced by the registrant that are individually, or in the aggregate, material, including a description of the costs and other consequences ; Risks related to cyber incidents that may remain undetected for an extended period ; and Description of relevant insurance coverage. Cybersecurity: Five Tips to Consider When Any Public Company Might be the Next Target,

18 SEC CYBERSECURITY We note that your network-security insurance coverage is subject to a $10 million deductible. Please tell us whether this coverage has any other significant limitations. In addition, please describe for us the 'certain other coverage' that may reduce your exposure to Data Breach losses. Target Form 10-K (March 2014)

19 SEC CYBERSECURITY We note your disclosure that an unauthorized party was able to gain access to your computer network 'in a prior fiscal year.' So that an investor is better able to understand the materiality of this cybersecurity incident, please revise your disclosure to identify when the cyber incident occurred and describe any material costs or consequences to you as a result of the incident. Please also further describe your cyber security insurance policy, including any material limits on coverage. Alion Science and Technology Corp. S-1 filing (March 2014)

20 SEC CYBERSECURITY Given the significant cyber-attacks that are occurring with disturbing frequency, and the mounting evidence that companies of all shapes and sizes are increasingly under a constant threat of potentially disastrous cyber-attacks, ensuring the adequacy of a company's cybersecurity measures needs to be a critical part of a board of director's risk oversight responsibilities.... Thus, boards that choose to ignore, or minimize, the importance of cybersecurity oversight responsibility, do so at their own peril. Luis Aguilar, SEC Commissioner, speech given at NYSE June 10, 2014

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24 FTC CYBERSECURITY 24

25 FTC CYBERSECURITY 25

26 STANDING TREND SONY

27 STANDING TREND MICHAELS

28 STANDING TREND ADOBE

29 STANDING TREND TARGET

30 NEWEST CUTTING EDGE CYBER PRODUCTS Page 30

31 REMEMBER THE SNOWFLAKE back klgates.com

32 THIRD-PARTY COVERAGE Privacy and Network Security Generally Covers Third-Party Liability Arising from Data Breaches and Other Failures to Protect Confidential, Protected Information, as well as Liability Arising from Security Threats to Networks, e.g., Transmission of Malicious Code Questions: Coverage for the Acts, Errors, Omissions of Third Parties, e.g., Vendors? Coverage for Data in the Care, Custody, Control of Third Parties, e.g., Cloud Providers? Coverage for Proliferating and Expanding Privacy Laws/Regulations? Coverage for Data in Any Form, e.g., Paper Records? Coverage for Confidential Corporate Data, e.g., Third-Party Trade Secrets? Coverage for Rogue Employees? Coverage for Wrongful Collection of Data? Coverage for TCPA Violations?

33 THIRD-PARTY COVERAGE Regulatory Liability Generally Covers Amounts Payable in Connection with Administrative or Regulatory Investigations Questions: Coverage for Fines and Penalties? Coverage for Consumer Redress Funds? Regulatory Exclusion Carve Backs? Sufficient Sublimit? PCI-DSS Liability Generally Covers Amounts Payable in Connection with PCI Demands for Assessments, Including Contractual Files and Penalties, for Alleged Non-compliance with PCI Data Security Standards

34 THIRD-PARTY COVERAGE Media Liability Generally Covers Third-Party Liability Arising from Infringement of Copyright and Other Intellectual Property Rights, and Torts Such as Libel, Slander, and Defamation Arising from the Insured's Media Activities, e.g., Broadcasting and Advertising Questions: Coverage for Rogue Employees? Coverage for Media Content in Any Form, e.g., Printed Publications, or Limited to Digital Media Content? Coverage Limited to Certain Locations of Media Content Display, e.g., on the Insured's Website or Social Media Sites? Coverage for Liability Arising out of the Insured's Own Advertising Activities? Occurrence -Based or Claims Made Coverage? Appropriate for Media Companies?

35 FIRST-PARTY COVERAGE Crisis Management Generally Covers Crisis Management Expenses That Typically Follow in the Wake of a Breach Incident, e.g., Breach Notification Costs, Credit Monitoring, Call Center Services, Forensic Investigations, and Public Relations Questions: Triggered by Failures of Security? Coverage for Forensic Investigation and PCI Forensic Investigator? Coverage for Public Relations, Crisis Management, Breach Coach Counsel? Coverage for Notification? How about ID Theft Education, ID Theft Restoration Services, Call Center Services, Credit Monitoring, Reimbursement Insurance? Insured's Reasonable Selection of Counsel/Vendors? Outside or Inside Limits? Sufficient Sublimits?

36 FIRST-PARTY COVERAGE Network Interruption Generally Covers First-Party Business Income Loss Associated with the Interruption of the Insured's Business Caused by the Failure of Computer Systems Questions: Coverage for Third-Party Systems? Coverage for Cloud Failure? Coverage for Non-Malicious Acts, e.g., Unintentional, Unplanned Outage? Exclusion for Power Failure, Blackout/Brownout, etc.? Coverage Beyond the Interruption, e.g., 120 Days? Waiting Period, e.g., 12 Hours? Hourly Sublimits? Sufficient Sublimit(s), e.g., Contingent and Non-Malicious Acts Coverage? What about Loss Caused by Physical Perils, e.g., Flood?

37 FIRST-PARTY COVERAGE Digital Asset Generally Covers First-Party Cost Associated with Replacing, Recreating, Restoring and Repairing Damaged or Destroyed Programs, Software or Electronic Data Extortion Generally Covers Losses Resulting from Extortion, e.g., Payment of an Extortionist's Demand to Prevent a Cybersecurity Incident Reputational Harm Generally Covers Crisis Management Type Costs in the Event of a Publication Likely to be Seen by an Insured's Stakeholders, e.g., Customers, Investors, Vendors, or Regulators, and to Have an Adverse Impact on Public Perception of the Insured or its Brand. Can Also Cover Business Income Loss Caused by a Publication Likely to be Seen by an Insured's Stakeholders, and to Have an Adverse Impact on Public Perception of the Insured or its Brand

38 CYBER INSURANCE MARKET Source: Willis 2015 Marketplace Realities Spring Update

39 CYBER INSURANCE MARKET Source: Willis 2015 Marketplace Realities Spring Update

40 CYBER INSURANCE MARKET Source: Willis 2015 Marketplace Realities Spring Update

41 CYBER INSURANCE MARKET Market capacity: Over 50 Markets Selling or Participating in Cyber Insurance Total Capacity Over $600M Premium: Excess of $2B at the Close of 2014 $5B Projected Growth Potential Source: The Cyber Liability Insurance Market Jim Blinn, Advisen. 41

42 DIC COVERAGE v v

43 DIC COVERAGE First-Party Property Damage and Business Interruption ~$350M Third-Party Bodily Injury and Property Damage ~$100M [T]his policy will drop down and pay Loss caused by a Security Failure [a failure or violation of the security of a Computer System that: (A) results in, facilitates or fails to mitigate any: (i) unauthorized access or use; (ii) denial of service attack; or (iii) receipt, transmission or behavior of a malicious code] that would have been covered within an Underlying Policy, as of the inception date of this policy, had one or more of the following not applied: A. a Cyber Coverage Restriction [a limitation of coverage in an Underlying Policy expressly concerning, in whole or in part, the security of a Computer System (including Electronic Data stored within that Computer System)]; and/or B. a Negligent Act Requirement [a requirement in an Underlying Policy that the event, action or conduct triggering coverage under such Underlying Policy result from a negligent act, error or omission].

44 DIC COVERAGE

45 AVOID THE TRAPS klgates.com

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47 POLICY EXAMPLE 1 47

48 POLICY EXAMPLE 2

49 POLICY EXAMPLE 2 49

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51 POLICY EXAMPLE 1

52 POLICY EXAMPLE 1

53 POLICY EXAMPLE 2

54 POLICY EXAMPLE 2

55 POLICY EXAMPLE 3

56 POLICY EXAMPLE 3

57 57

58 POLICY EXAMPLE 1

59 POLICY EXAMPLE 1

60 POLICY EXAMPLE 2

61 POLICY EXAMPLE 2

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63 POLICY EXAMPLE Any member of the Control Group. e.g., CEO, CFO,RM, CRO, CIO, GC

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65 POLICY EXAMPLE 1

66 POLICY EXAMPLE 2

67 POLICY EXAMPLE 3

68 Request a Retroactive Date of at Least a Year

69 BEWARE THE FINE PRINT REMEMBER THE DEVIL IS IN THE DETAILS

70 REMEMBERING THE SNOWFLAKE BEST PRACTICES CHECKLIST

71 BEST PRACTICES CHECKLIST Embrace a Team Approach Spotlight the Cloud Understand the Risk Profile Remember the Retro Date Review Existing Coverages Selection of Counsel and Vendors Purchase Appropriate Other Coverage as Needed Engage a Knowledgeable Broker and Outside Counsel Remember the Cyber Misnomer Carefully Review the Application

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73 A well-drafted policy will reduce the likelihood that an insurer will be able to avoid or limit insurance coverage in the event of a claim. Roberta D. Anderson, Partner, K&L Gates LLP (April 27, 2015)

74 LEGACY INSURANCE POLICIES Page 74

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76 POTENTIAL COVERAGE Directors' and Officers' (D&O) Errors and Omissions (E&O)/Professional Liability Employment Practices Liability (EPL) Fiduciary Liability Crime Retail Ventures, Inc. v. National Union Fire Ins. of Pittsburgh, Pa., 691 F.3d 821 (6th Cir. 2012) (DSW covered for expenses for customer communications, public relations, lawsuits, regulatory defense costs, and fines imposed by Visa and Mastercard under the computer fraud rider of its blanket crime policy) Property Commercial General Liability (CGL)

77 POTENTIAL COVERAGE Coverage B Provides Coverage for Damages Because of Personal and Advertising Injury Personal and Advertising Injury : [o]ral or written publication, in any manner, of material that violates a person's right of privacy What is a Person s Right of Privacy? What is a Publication? Does the Insured Have to Do Anything Affirmative and Intentional to Get Coverage? Coverage A Provides Coverage for Damages Because of Property Damage Property Damage : Loss of use of tangible property that is not physically injured

78 POTENTIAL LIMITATIONS

79 POTENTIAL LIMITATIONS

80 POTENTIAL LIMITATIONS ISO states that when this endorsement is aoached, it will result in a reducpon of coverage due to the delepon of an exceppon with respect to damages because of bodily injury arising out of loss of, loss of use of, damage to, corruppon of, inability to access, or inability to manipulate electronic data.

81 POTENTIAL LIMITATIONS

82 POTENTIAL LIMITATIONS

83 POTENTIAL LIMITATIONS cv cv

84 POTENTIAL LIMITATIONS Zurich American Insurance Co. v. Sony Corp. of America et al.

85 QUESTIONS Page 85

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