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

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1 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 QBE Europe

2 The Cyber Threat There are only two types of companies: those that have been hacked and those that will be. Even that is merging into one category: those that have been hacked and will be again (Former FBI Director Robert Mueller 2012) This is a global threat. Cyber threats are of extraordinary and long term seriousness. They are first on the Division of Intelligence s list of global threats, even surpassing terrorism, and resources devoted to cyber-based threats are expected to eclipse resources devoted to terrorism (Mary Jo White, Chair of SEC 2014) The Cyber threat is one of the most serious economic and national security challenges we face as a nation...america s economic prosperity in the 21 st century will depend on cybersecurity. (President Obama 2013) 2

3 3 rd party Legal costs and compensatory damages via: Securities Class Action Derivative Litigation Regulators Peers - Industry common systems Professional Services companies Financial Institutions Customer 1 st party Regulatory Investigation Fines/Penalties Reputation/PR Extortion Technology Assets / I.P. Business interruption Credit/ Identity Monitoring Notification Expense Breach Response 3

4 Insurance Protection Cyber Liability Directors & Officers Crime (Bond) Electronic Crime Errors & Omissions Commercial General Liability Property 4

5 Legal costs and compensatory damages via: Securities Class Action Derivative Litigation Regulators Peers - Industry common systems Professional Services companies Financial Institutions Customer Cyber Regulatory Investigation Fines/Penalties Reputation/PR Extortion Technology Assets / I.P. Business interruption Credit/ Identity Monitoring Notification Expense Breach Response 5

6 Can you handle claims alone? In many cases, and especially with the upcoming EU directives, you are legally required to undertake notify citizens promptly Are you able to Have I.T. work out what went wrong and what was lost? Work out the legal requirements to notify each individual? Actually notify everyone affected? Set up a call centre to deal with the fall-out? 6

7 Can you handle claims alone? More to the point, can you do it in less than a week? Good insurers have vendors set up to undertake all this for you. 7

8 Cyber incident response 8

9 Insurance Protection Cyber Liability Directors & Officers Crime (Bond) Electronic Crime Errors & Omissions Commercial General Liability Property 9

10 D&O Legal costs and compensatory damages via: Securities Class Action Derivative Litigation Regulators Peers - Industry common systems Professional Services companies Financial Institutions Customer Regulatory Investigation Fines/Penalties Reputation/PR Extortion Technology Assets / I.P. Business interruption Credit/ Identity Monitoring Notification Expense Breach Response 10

11 D&O Coverage Designed to protect the individual Directors and Officers Defence Costs and compensatory damages Brought by customers, suppliers, competitors, regulators, shareholders Derivative Actions picked up Side A Suit brought in name of the company Side C Entity Cover pick up element of coverage against company Regulatory Investigations 11

12 Cyber Attacks Cost British Industry 34bn a year 18bn from lost revenues 16bn for increased spending on IT as companies improve their defences Utilities, energy and mining increased IT spending by 6% in past year and faced a 2.8% loss in revenue as a result of an attack Financial services increased IT spending by 7% in past year and faced a 1.5% loss in revenue as a result of an attack Manufacturing increased IT spending by 5% in past year and faced a 2.5% loss in revenue as a result of an attack Research by CEBT and Veracode 12

13 US Situation Legal & Regulatory environment Compulsory breach notification laws Federal Trade Commission (FTC) ongoing enforcement actions Securities & Exchange Commission Guidance issued to public companies disclosure obligations ensuring the adequacy of a company s cyber security measures needs to be part of a board of director s risk oversight responsibilities...boards that choose to ignore, or minimise the importance of cybersecurity oversight responsibility, do so at their own peril (Luis Aguilar, SEC Commissioner June 2014) Shareholder Derivative actions Active and aggressive Plaintiffs Bar Securities Class actions 13

14 US Situation High Profile Cases Target Group (Cyber USD100m, D&O USD65m) More than 80 separate lawsuits filed Two Derivative action vs Directors and Officers Failure to take reasonable steps to ensure security of customers information Failure to implement adequate information security policies Breach of fiduciary duty Wyndham Worldwide Corporation (Cyber?, D&O?) Derivative action vs Ds and Os Failure to take reasonable steps to safeguard customer data Home Depot (Cyber USD105m, D&O USD270m) Multiple lawsuits No derivative actions yet 14

15 Europe Situation Known EU Cases No real notification requirement so no necessity to tell Somerfield Theft of payroll data (100,000 staff) Originated inside company by a member of staff Greggs Logo replaced on website Swift resolution Zurich Insurance 46,000 clients personal records stolen ICO rebuke and FSA fine GBP 2,275,000 Sony Computer Entertainment Europe More than 60 lawsuits filed, cost USD 171,000, ICO penalty GBP 250,000

16 The Current Europe Situation Legal & Regulatory environment Disjointed, no uniformity Compulsory breach notification (currently just telecoms and internet service providers) UK ICO max fine GBP500,000 FSA fines 16

17 The Future Europe Situation Legal & Regulatory environment EU General Data Protection Regulation 2017/18??? Still being defined, so changing all the time Single set of rules Applies to organizations based outside the European Union too! Appointment of independent Data Protection Officer Business with more than 250 permanent staff Process personal data relating to "more than 5000 data subjects in any consecutive 12-month period Increase fines to greater of 2% or 1m of global turnover Compulsory breach notification 17

18 10 Important Questions Directors should ask 1) Is the responsibility and accountability for the creation, implementation, enforcement and updating of an integrated and company-wide cyber risk management clearly defined at the executive level? 2) Does the management team which addresses cyber risks include Board representation, senior executives from IT, legal, risk management, compliance/audit? 3) Is the overall cyber risk management programme periodically reviewed by the Board? 4) Does a Board member have designated oversight responsibility for the cyber risk management programme? 18

19 10 important questions continued 5) What are the firm s biggest cyber risks and how are those risks being anticipated, managed and mitigated? 6) Is each component of the cyber risk management programme documented, tested and periodically audited by independent experts, and what are the results of that testing and audit? 7) Are procedures for reacting to a cyber risk hack/event when it happens well defined and understood? 8) Are all employees required to participate in regular education and training programmes relating to cyber security and cyber risks? 19

20 10 important questions continued? 9) What is your company s budget and staffing for cyber risk management? Do you know how this compares to your organisations peer group? 10) What, if any, insurance coverage does the company maintain for cyber risks and is that coverage adequate in scope and limit? 20

21 Survey results Does your company manage and review cyber risk at board level? 20% Is mitigation for Cyber risk designated to the Risk Management function? 14% Has your company assessed the estimated financial impact of a cyber attack? 32% Does your company have a Data Breach Response Plan? 73% Is it regularly updated? 37% Does your company buy cyber insurance? 14% Is your company going to obtain a cyber insurance quote in the next 12 months? Over 50% 21

22 Things to bear in mind. Cyber claims come from unexpected places Humans make mistakes Nothing is or stays secure Heartbleed / Bash / Poodle Uncontrollable factors / systemic events It s either your error so you are liable Or it s your data so you are liable Even if you have not been negligent Our policy triggers regardless of negligence The Information Commissioner s Office Controller / Processor 22

23 Myths and facts Computers are covered by the property policy What about the intangible? We buy business interruption insurance Has physical damage occurred? Isn t this covered by our general liability policy? Absolutely not. Our BCP and DRP are well tested with named 3rd party responders Are your responders costs covered? Do they include cyber responders? We ve invested heavily in our network security What about physical security and rogue employees? No on-line activities so we don t need a policy Back-end inter-connected systems and your supply chain? 23

24 The connected supply chain You 24

25 Other reasons to purchase a robust cyber policy. Third-party claims: Blanket Defamation (not just from hacks) Blanket Infringement of IP (not just from hacks) First-party claims: Financial transfer Withdrawal of content Financial transfer Less common: It s affordable Is it worth taking the risk? Legislation is about to change Pricing will follow suit Get on-board now & build up that claims free record Meet an underwriter Business Interruption (not just from hacks) Unexplained breakdown/malfunction Your suppliers hacks Asset Restoration Costs (not just IT equipment) Reputational damage PCI fines 25

26 Practical tips. Ensure that mitigation of cyber risk is designated to the RM function Consideration for appointment of a CISO / DPO Establish how the GDPR applies to your business Measure your compliance Make policies and begin to change Ensure cyber security is part of any due diligence undertaken for any target acquisitions Undertake an insurance gap analysis Seriously consider insuring Cyber, D&O, Crime (and PI) with the same carrier 26

27 Conclusion If your company has not suffered a data breach it may well suffer one shortly it us a matter of when not if you are hacked As FBI Director Robert Mueller said: There are only two types of companies: those that have been hacked and those that will be. The lines between physical security and cyber security are becoming increasingly blurred Try to ensure the main board take cyber risk seriously. Ask questions and test systems Cyber claims come from unexpected places 27

28 QBE global footprint 2,900 6,600 1,100 1,200 4,400 Australia Asia Pacific Europe North America Latin America 28

29 QBE claims record Claims Supply Team Winner Best Business Press Advertisement Business Campaign of the Year Post Underwriting Service Awards Joanne Taylor Rising Star Kelly Potter Outstanding Individual Achievement Award - Rosie Hewitt 360 Business Insurers Insight Report Best Claims Handling Team of the Year Reinsurance Company Team of the Year, Casualty 29

30 Questions 30

31 Thank you

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