Cyber Liability: Reining in IT and Internet Risks

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1 Cyber Liability: Reining in IT and Internet Risks Sponsored by Copyright 2010 Advisen Ltd.

2 Cyber Risks Insight (sponsored by Swett) Intellectual Property and the Internet: Copyright Infringement Liability in the Digital Era Online Social Networking: A Brave New World of Liability Data Security Issues Escalate as Risk Management Evolves Cyber Commercial Insurance Group Advisen.com - 2,400 Cyber events

3 Presenter and Report Author David Bradford, Executive Vice President of Advisen

4 Today s Panelists Liz Kim, Senior Claims Counsel Hiscox Cliff Rudolph, Technology Practice Leader Parker, Smith & Feek Mark Smith, Director, Professional Services Group - Swett & Crawford Jim Whetstone, SVP, US Privacy Manager -Hiscox

5 Who is at risk?

6 Reported Privacy/Security Incidents Source: Advisen MDCAd

7 Reported Privacy/Security Incidents By Industry Source: Advisen MDCAd

8 Cyber Liability Exposures Privacy: unintentional disclosure of sensitive data Security: theft of sensitive data Denial of Service Attacks Infection and transmission of malware or a computer virus Damage or destroyed data Cyber Extortion Cyber Business Interruption Internet/Media: Intellectual Property Online Personal Injury: Libel, Defamation Online Harassment

9 Cyber Liability Exposures Potentially massive damages Social/media exposure YouTube sued for $1 billion for copyright violations Privacy/security exposure Heartland Payment Systems data breach: $129 million paid, additional $100 million reserved

10 Focus of today s discussion: Loss of sensitive data Intellectual property infringement Social networking risks

11 Loss of Sensitive Data 85% US organizations had data breaches in 2009 (Ponemon Institute) Hackers, but also: Lost laptops, etc Data stolen by insiders Average cost of $204 per record (Ponemon Institute)

12 Loss of Sensitive Data Cost per Record Source: Ponemon Institute

13 Loss of Sensitive Data Potential costs: Third Party Damages Regulatory Defense Notification/Credit Monitoring Forensic Investigations Crisis Management Data Restoration Extortion Business Interruption

14 Intellectual Property Infringement Copyright, trademark, trade dress, etc Copyright infringement rampant Big-ticket lawsuits Indirect copyright infringement Contributory copyright infringement Vicarious copyright infringement Trademark, trade name, trade dress Similar issues to copyright infringement

15 Social Networking Facebook: 350M, Myspace: 125M, Twitter: 105M, LinkedIn: 50M users Social network site owners exposed to: Contributory copyright infringement Privacy issues Member security issues (esp. children) Data security issues

16 Social Networking Companies: Personalized access to customers and prospects, but Potential liabilities of publishers Consumer fraud, deceptive biz practices Monitoring employees, researching job applicants Potential discrimination claims

17 Social Networking Employees pose myriad risks Breach of privacy/confidentiality Offending customer or business partner Potential libel claims Textual harassment & cyber bullying EPLI exposure Misleading endorsements or advertising FTC issue

18 Insurance Coverage under property and GL policies unreliable-to-non-existent Narrow, specialized coverages available for some exposures Privacy/Security Policies, which can include Internet/Media coverage, provide broad coverage for both 1 st party and 3 rd party exposures Social Network companies, best covered on a Media Liability policy

19 Today s Panelists Liz Kim, Senior Claims Counsel Hiscox Cliff Rudolph, Technology Practice Leader Parker, Smith & Feek Mark Smith, Director, Professional Services Group - Swett & Crawford Jim Whetstone, SVP, US Privacy Manager -Hiscox

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