CYBER RISK MANAGEMENT IN THE BOATING INDUSTRY

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "CYBER RISK MANAGEMENT IN THE BOATING INDUSTRY"

Transcription

1 CYBER RISK MANAGEMENT IN THE BOATING INDUSTRY Carmelo Torraca, Esq. New Jersey Marine Trades Association March 2015

2 E-commerce has permanently transformed the way business-to-business and business-to-customer interactions occur.

3 The Benefits of ecommerce Online Services Research, Analytics and Management

4 The Benefits of ecommerce 84% New boat purchasers conducted online research National Marine Manufactures Association Recreation Boating Statistical Abstract

5 The Benefits of ecommerce 25% New boats purchased online National Marine Manufactures Association Recreation Boating Statistical Abstract

6 The Benefits of ecommerce $1,887,500,000 Estimated value of new boats purchased online in the U.S. National Marine Manufactures Association Recreation Boating Statistical Abstract

7 The Benefits of Online Services $121,500,000,000 Estimated economic value of recreational boating in the U.S. National Marine Manufactures Association Recreation Boating Statistical Abstract

8 The costs of protecting ecommerce benefits has been largely, and dangerously, ignored.

9 The Risks of Online Services Data breach in the marine trade and marina industries

10 The Risk of Online Services First Party Risks: Loss of a Portable Device Business Interruption Shut down from external / power outage Insider Threats

11 The Risk of Online Services Third Party Risks Man-in-the-Middle Attack Stolen Data Customer Personal Identifying Information (PII) Notice Credit reporting Fix the problem Regulations/fine Employee Liability (PII) Extortion Goodwill / Reputation Lawsuits Failure to Deliver Goods & Services Failure to Provide Obligatory Access Lack of Security Claims Federal and State Regulations creating Negligence Per Se Class Action Lawsuits

12

13 The Risks of Online Services $5,900,000 Average cost of data breach Ponemon Institute and IBM Cost of Data Breach Study: United States

14 The Risks of Online Services 27% Portion of all U.S. data breach cases occur in the retail, transportation and consumer services sectors Ponemon Institute and IBM Cost of Data Breach Study: United States

15 The Risks of Online Services $202 Average per record cost of data breach in retail, transportation and consumer services Ponemon Institute and IBM Cost of Data Breach Study: United States

16 Developing a Strategy Creating a Cyber Risk Management Policy 1. Identify Risk 2. Avoid Risk 3. Mitigate Risk 4. Crisis Management 5. Risk Monitoring

17 Cyber Risk Management 30% Reduction in cost of data breach for implementing cyber risk management plan and policies Ponemon Institute and IBM Cost of Data Breach Study: United States

18 Identifying Risk: Customer Personal Identifying Information Protected by statute in New Jersey N.J. Stat. Ann. 56:8-163 Any business that conducts business in New Jersey, or any public entity that compiles or maintains computerized records that include personal information, shall disclose any breach of security of those computerized records following discovery or notification of the breach to any customer who is a resident of New Jersey whose personal information was, or is reasonably believed to have been, accessed by an unauthorized person. The disclosure to a customer shall be made in the most expedient time possible and without unreasonable delay, consistent with the legitimate needs of law enforcement, as provided in subsection c. of this section, or any measures necessary to determine the scope of the breach and restore the reasonable integrity of the data system.

19 Identifying Risk: Customer Personal Identifying Information Liability for Failure to Comply: Penalties and Fines Law Enforcement Investigation State Prosecution Civil Litigation

20 Identifying Risk: Customer Personal Identifying Information $2,242,000 Average lost customer business for data breach Ponemon Institute and IBM Cost of Data Breach Study: United States

21 Identifying Risk: Business Operations Protection of Employee PII Communications and Scheduling Control of Online Presence Control of Real World Operations

22 Avoiding Risk: Employee Polices Terms of Employment Competence Training Computer Software Computer Monitoring

23 Avoiding Risk: Customer Policies Terms of Use Disclaimer Termination Policy

24

25 Mitigating Risk: Insurance Policies Data Privacy Insurance Technology Errors & Omissions Insurance General Commercial Liability w/ Cyber Rider Comprehensive Cyber Insurance

26 Crisis Management Pre-Planned Policies and Procedures On-Call Legal & Technical Assistance

27 Other Issues Downstream Impact: Contracts State Agencies Valuation Goodwill & Reputation

28

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

2005 -- H 6191 SUBSTITUTE A AS AMENDED ======= LC02663/SUB A/2 ======= STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D.

2005 -- H 6191 SUBSTITUTE A AS AMENDED ======= LC02663/SUB A/2 ======= STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 00 -- H 11 SUBSTITUTE A AS AMENDED LC0/SUB A/ STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 00 A N A C T RELATING TO IDENTITY THEFT PROTECTION Introduced By: Representatives Gemma, Sullivan,

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

January 2007. An Overview of U.S. Security Breach Statutes

January 2007. An Overview of U.S. Security Breach Statutes January 2007 An Overview of U.S. Security Breach Statutes An Overview of U.S. Security Breach Statutes Jeffrey M. Rawitz and Ryan E. Brown 1 This Jones Day White Paper summarizes what is generally entailed

More information

Cybersecurity Workshop

Cybersecurity Workshop Cybersecurity Workshop February 10, 2015 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. 150 West Main Street, Suite 2100 Norfolk, VA 23510 (757) 624-3153

More information

IDENTITY THEFT IN SOUTH CAROLINA: 2014 UPDATE. Marti Phillips, Esq. Director, Identity Theft Unit South Carolina Department of Consumer Affairs

IDENTITY THEFT IN SOUTH CAROLINA: 2014 UPDATE. Marti Phillips, Esq. Director, Identity Theft Unit South Carolina Department of Consumer Affairs IDENTITY THEFT IN SOUTH CAROLINA: 2014 UPDATE Marti Phillips, Esq. Director, Identity Theft Unit South Carolina Department of Consumer Affairs This presentation is not meant to serve as a substitute for

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

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

CYBERSECURITY: THREATS, SOLUTIONS AND PROTECTION. Robert N. Young, Director Carruthers & Roth, P.A. Email: rny@crlaw.com Phone: (336) 478-1131

CYBERSECURITY: THREATS, SOLUTIONS AND PROTECTION. Robert N. Young, Director Carruthers & Roth, P.A. Email: rny@crlaw.com Phone: (336) 478-1131 CYBERSECURITY: THREATS, SOLUTIONS AND PROTECTION Robert N. Young, Director Carruthers & Roth, P.A. Email: rny@crlaw.com Phone: (336) 478-1131 TOPICS 1. Threats to your business s data 2. Legal obligations

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

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

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

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Managing Cyber Threats Risk Management & Insurance Solutions Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Overview Recent Trends and Loss Exposures Risk Management Strategies

More information

DATA SECURITY: A CRUCIAL TOPIC FOR CORPORATE COUNSEL AND MANAGEMENT

DATA SECURITY: A CRUCIAL TOPIC FOR CORPORATE COUNSEL AND MANAGEMENT Advisor Article DATA SECURITY: A CRUCIAL TOPIC FOR CORPORATE COUNSEL AND MANAGEMENT By James R. Carroll, David S. Clancy and Christopher G. Clark* Skadden, Arps, Slate, Meagher & Flom Customer data security

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

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

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

Law Firm Cyber Security & Compliance Risks

Law Firm Cyber Security & Compliance Risks ALA WEBINAR Law Firm Cyber Security & Compliance Risks James Harrison CEO, INVISUS Breach Risks & Trends 27.5% increase in breaches in 2014 (ITRC) Over 500 million personal records lost or stolen in 2014

More information

Cyber Risks Management. Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor

Cyber Risks Management. Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor Cyber Risks Management Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor 1 Contents Corporate Assets Data Breach Costs Time from Earliest Evidence of Compromise to Discovery of Compromise The Data Protection

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

2015 -- S 0134 SUBSTITUTE B ======== LC000486/SUB B/2 ======== S T A T E O F R H O D E I S L A N D

2015 -- S 0134 SUBSTITUTE B ======== LC000486/SUB B/2 ======== S T A T E O F R H O D E I S L A N D 0 -- S 01 SUBSTITUTE B LC000/SUB B/ S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 0 A N A C T RELATING TO CRIMINAL OFFENSES - IDENTITY THEFT PROTECTION Introduced By: Senators

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

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

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

Data Breach Cost. Risks, costs and mitigation strategies for data breaches

Data Breach Cost. Risks, costs and mitigation strategies for data breaches Data Breach Cost Risks, costs and mitigation strategies for data breaches Tim Stapleton, CIPP/US Deputy Global Head of Professional Liability Zurich General Insurance Data Breaches: Greater frequency,

More information

Roxio Secure Solutions for Law Firms

Roxio Secure Solutions for Law Firms Roxio Secure Solutions for Law Firms Law firms can easily protect sensitive data stored on CD, DVD, Blu-ray Disc and USB flash media with Roxio Secure Solutions Introduction Law firms and their clients

More information

Hackers, Slackers & Packers: Preventing Data Loss & Dealing with the Inevitable. Data Breaches Are All Too Common

Hackers, Slackers & Packers: Preventing Data Loss & Dealing with the Inevitable. Data Breaches Are All Too Common Hackers, Slackers & Packers: Preventing Data Loss & Dealing with the Inevitable Steven J. Fox (sjfox@postschell.com) Peter D. Hardy (phardy@postschell.com) Robert Brandfass (BrandfassR@wvuh.com) (Mr. Brandfass

More information

Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance

Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Today s agenda Introductions Cyber exposure overview Cyber insurance market and coverages Captive cyber insurance

More information

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Nikos Georgopoulos Privacy Liability & Data Breach Management wwww.privacyrisksadvisors.com October 2014

More information

COMPLIANCE ALERT 10-12

COMPLIANCE ALERT 10-12 HAWAII HEALTH SYSTEMS C O R P O R A T I O N "Touching Lives Every Day COMPLIANCE ALERT 10-12 HIPAA Expansion under the American Recovery and Reinvestment Act of 2009 The American Recovery and Reinvestment

More information

The Matrix Reloaded: Cybersecurity and Data Protection for Employers. Jodi D. Taylor

The Matrix Reloaded: Cybersecurity and Data Protection for Employers. Jodi D. Taylor The Matrix Reloaded: Cybersecurity and Data Protection for Employers Jodi D. Taylor Why Talk About This Now? Landscape is changing Enforcement by federal and state governments on the rise Legislation on

More information

Prepare for the Worst: Best Practices for Responding to Cybersecurity Breaches Trivalent Solutions Expo June 19, 2014

Prepare for the Worst: Best Practices for Responding to Cybersecurity Breaches Trivalent Solutions Expo June 19, 2014 Prepare for the Worst: Best Practices for Responding to Cybersecurity Breaches Trivalent Solutions Expo June 19, 2014 2014, Mika Meyers Beckett & Jones PLC All Rights Reserved Presented by: Jennifer A.

More information

New Privacy Laws Impacting the Health Care Work Place

New Privacy Laws Impacting the Health Care Work Place New Privacy Laws Impacting the Health Care Work Place Presented by Thomas E. Jeffry, Jr., Esq. Arent Fox LLP Washington, DC New York, NY Los Angeles, CA November 12 & 19, 2009 Overview 1. Overview of California

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

Michie's Legal Resources. This part shall be known and may be cited as the Tennessee Identity Theft Deterrence Act of 1999. [Acts 1999, ch. 201, 2.

Michie's Legal Resources. This part shall be known and may be cited as the Tennessee Identity Theft Deterrence Act of 1999. [Acts 1999, ch. 201, 2. http://www.michie.com/tennessee/lpext.dll/tncode/12ebe/13cdb/1402c/1402e?f=templates&... Page 1 of 1 47-18-2101. Short title. This part shall be known and may be cited as the Tennessee Identity Theft Deterrence

More information

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Hacks, breaches, stolen data, trade secrets hijacked, privacy violated, ransom demands made; how can you protect your data

More information

CYBER SECURITY SPECIALREPORT

CYBER SECURITY SPECIALREPORT CYBER SECURITY SPECIALREPORT 32 The RMA Journal February 2015 Copyright 2015 by RMA INSURANCE IS AN IMPORTANT TOOL IN CYBER RISK MITIGATION Shutterstock, Inc. The time to prepare for a potential cyber

More information

Cyber Risk, Legal And Regulatory Issues, And Insurance Mitigation ISACA Pittsburgh Information Security Awareness Day

Cyber Risk, Legal And Regulatory Issues, And Insurance Mitigation ISACA Pittsburgh Information Security Awareness Day Lloyd s of London (Reuters) May 8, 2000 Cyber Risk, Legal And Regulatory Issues, And Insurance Mitigation ISACA Pittsburgh Information Security Awareness Day Rivers Casino, Pittsburgh November 17, 2014

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

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

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

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 LIABILITY AND PRIVACY CRISIS MANAGEMENT EXPENSE APPLICATION

CYBER LIABILITY AND PRIVACY CRISIS MANAGEMENT EXPENSE APPLICATION CYBER LIABILITY AND PRIVACY CRISIS MANAGEMENT EXPENSE APPLICATION THIS APPLICATION IS FOR A FIRST DISCOVERY POLICY. COVERAGE IS FOR EVENTS FIRST DISCOVERED DURING THE "POLICY PERIOD" OR ANY APPLICABLE

More information

Cyber Liability. AlaHA Annual Meeting 2013

Cyber Liability. AlaHA Annual Meeting 2013 Cyber Liability AlaHA Annual Meeting 2013 Disclaimer We are not providing legal advise. This Presentation is a broad overview of health care cyber loss exposures, the process in the event of loss and coverages

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

Comparison of US State and Federal Security Breach Notification Laws. Current through August 26, 2015

Comparison of US State and Federal Security Breach Notification Laws. Current through August 26, 2015 Comparison of US State and Federal Security Breach Notification Laws Current through August 26, 2015 Alaska...2 Arizona...6 Arkansas...9 California...11 Colorado...19 Connecticut...21 Delaware...26 District

More information

Nerds and Geeks Re-United: Towards a Practical Approach to Health Privacy Breaches. Gerard M. Stegmaier gstegmaier@wsgr.

Nerds and Geeks Re-United: Towards a Practical Approach to Health Privacy Breaches. Gerard M. Stegmaier gstegmaier@wsgr. Nerds and Geeks Re-United: Towards a Practical Approach to Health Privacy Breaches Gerard M. Stegmaier gstegmaier@wsgr.com @1sand0slawyer Data Breach Trends 2011 Average Loss to Organization = $5.5 million

More information

IDENTIFYING AND RESPONDING TO DATA BREACHES

IDENTIFYING AND RESPONDING TO DATA BREACHES IDENTIFYING AND RESPONDING TO DATA BREACHES Michael P. Hindelang Honigman Miller Schwartz and Cohn LLP October 14, 2015 Merit Security Summit DATA SECURITY RISKS, THREATS & REAL WORLD EXAMPLES OVERVIEW

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

Implementing Electronic Medical Records (EMR): Mitigate Security Risks and Create Peace of Mind

Implementing Electronic Medical Records (EMR): Mitigate Security Risks and Create Peace of Mind Page1 Implementing Electronic Medical Records (EMR): Mitigate Security Risks and Create Peace of Mind The use of electronic medical records (EMRs) to maintain patient information is encouraged today and

More information

Is Cyber Insurance the Next Big Think? 2nd Digital Payments Summit - May 2016. Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor

Is Cyber Insurance the Next Big Think? 2nd Digital Payments Summit - May 2016. Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor Is Cyber Insurance the Next Big Think? 2nd Digital Payments Summit - May 2016 Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor 1 Contents Cromar Insurance Brokers Historical Development of Cyber (Re)Insurance

More information

Cyber-Security Risk- IP Theft and Data Breaches Protecting your Crown Jewels Internally and with Your Key Third Parties

Cyber-Security Risk- IP Theft and Data Breaches Protecting your Crown Jewels Internally and with Your Key Third Parties Cyber-Security Risk- IP Theft and Data Breaches Protecting your Crown Jewels Internally and with Your Key Third Parties Pamela Passman President and CEO Center for Responsible Enterprise And Trade (CREATe.org)

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

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

Lessons Learned from Recent HIPAA and Big Data Breaches. Briar Andresen Katie Ilten Ann Ladd

Lessons Learned from Recent HIPAA and Big Data Breaches. Briar Andresen Katie Ilten Ann Ladd Lessons Learned from Recent HIPAA and Big Data Breaches Briar Andresen Katie Ilten Ann Ladd Recent health care breaches Breach reports to OCR as of February 2015 1,144 breaches involving 500 or more individual

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 Insurance: How to Investigate the Right Coverage for Your Company

Cyber Insurance: How to Investigate the Right Coverage for Your Company 6-11-2015 Cyber Insurance: How to Investigate the Right Coverage for Your Company Presented by: Faith M. Heikkila, Ph.D., CISM, CIPM, CIPP-US, ABCP Greenleaf Trust Chief Information Security Officer (CISO)

More information

The Dish on Data and Disks HIPAAPrivacy and Security Breach Developments. Robin B. Campbell Ethan P. Schulman Jennifer S. Romano

The Dish on Data and Disks HIPAAPrivacy and Security Breach Developments. Robin B. Campbell Ethan P. Schulman Jennifer S. Romano The Dish on Data and Disks HIPAAPrivacy and Security Breach Developments Robin B. Campbell Ethan P. Schulman Jennifer S. Romano HIPAAPrivacy and Security Breach Overview of the Laws Developments Incident

More information

Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks

Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks Thank you for joining us. We have a great many participants in today s call. Your phone is currently

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

CONNECTICUT IDENTITY THEFT RANKING BY STATE: Rank 19, 68.8 Complaints Per 100,000 Population, 2409 Complaints (2007) Updated November 28, 2008

CONNECTICUT IDENTITY THEFT RANKING BY STATE: Rank 19, 68.8 Complaints Per 100,000 Population, 2409 Complaints (2007) Updated November 28, 2008 CONNECTICUT IDENTITY THEFT RANKING BY STATE: Rank 19, 68.8 Complaints Per 100,000 Population, 2409 Complaints (2007) Updated November 28, 2008 Current Laws: A person commits identity theft when he intentionally

More information

THE HIGH PRICE OF MEDICAL RECORD PRIVACY BREACHES

THE HIGH PRICE OF MEDICAL RECORD PRIVACY BREACHES THE HIGH PRICE OF MEDICAL RECORD PRIVACY BREACHES Melissa D. Berry The views and opinions expressed in this paper are those of the author and do not necessarily reflect the official policy or position

More information

cyber invasions cyber risk insurance AFP Exchange

cyber invasions cyber risk insurance AFP Exchange Cyber Risk With cyber invasions now a common place occurrence, insurance coverage isn t found in your liability policy. So many different types of computer invasions exist, but there is cyber risk insurance

More information

PLEASE READ. The official text of New Jersey Statutes can be found through the home page of the New Jersey Legislature http://www.njleg.state.nj.

PLEASE READ. The official text of New Jersey Statutes can be found through the home page of the New Jersey Legislature http://www.njleg.state.nj. PLEASE READ The official text of New Jersey Statutes can be found through the home page of the New Jersey Legislature http://www.njleg.state.nj.us/ New Jersey Statutes Annotated (N.J.S.A.), published by

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

HIPAA In The Workplace. What Every Employee Should Know and Remember

HIPAA In The Workplace. What Every Employee Should Know and Remember HIPAA In The Workplace What Every Employee Should Know and Remember What is HIPAA? The Health Insurance Portability and Accountability Act of 1996 Portable Accountable Rules for Privacy Rules for Security

More information

Navigating the Waters of Incident Response and Recovery

Navigating the Waters of Incident Response and Recovery Navigating the Waters of Incident Response and Recovery Lee Kim, Esq. Tucker Arensberg, P.C. CERT Symposium: Cyber Security Incident Management for Health Information Exchanges June 26, 2013 2013 Lee Kim

More information

Beyond Data Breach: Cyber Trends and Exposures

Beyond Data Breach: Cyber Trends and Exposures Beyond Data Breach: Cyber Trends and Exposures Vietnam 7 th May 2015 Jason Kelly Head of Asia Financial Lines AIG Agenda Why do companies need cyber protection Example of Cyber attack worldwide and in

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 Security Protecting critical health care information

Cyber Security Protecting critical health care information OnTrend APRIL 2016 ISSUE Cyber Security Protecting critical health care information The trend Cyber Security As health care data security breaches proliferate, putting members data at risk for fraud or

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

Cybersecurity. Shamoil T. Shipchandler Partner, Bracewell & Giuliani LLP 214.758.1048

Cybersecurity. Shamoil T. Shipchandler Partner, Bracewell & Giuliani LLP 214.758.1048 Cybersecurity Shamoil T. Shipchandler Partner, Bracewell & Giuliani LLP 214.758.1048 Setting expectations Are you susceptible to a data breach? October 7, 2014 Setting expectations Victim Perpetrator

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

Cyber Security: Emerging Risks and Trends (and what you can do about it)

Cyber Security: Emerging Risks and Trends (and what you can do about it) Cyber Security: Emerging Risks and Trends (and what you can do about it) UVU Business and Economic Forum May 19, 2016 Presented by: Daniel D. Hill, Esq. Christopher Droubay, Esq. Risks and Trends Widely

More information

Cyber Insurance: How to Investigate the

Cyber Insurance: How to Investigate the 10-26-2015 Cyber Insurance: How to Investigate the Right Coverage for Your Company Presented by: Faith M. Heikkila, Ph.D., CISM, CIPM, CIPP-US, ABCP Greenleaf Trust Chief Information Security Officer (CISO)

More information

CHAPTER 226. C.56:11-44 Short title. 1. This act shall be known and may be cited as the "Identity Theft Prevention Act."

CHAPTER 226. C.56:11-44 Short title. 1. This act shall be known and may be cited as the Identity Theft Prevention Act. CHAPTER 226 AN ACT concerning identity theft, amending P.L.1997, c.172 and supplementing various parts of the statutory law. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

More information

Business Associates and Breach Reporting Under HITECH and the Omnibus Final HIPAA Rule

Business Associates and Breach Reporting Under HITECH and the Omnibus Final HIPAA Rule Business Associates and Breach Reporting Under HITECH and the Omnibus Final HIPAA Rule Patricia D. King, Esq. Associate General Counsel Swedish Covenant Hospital Chicago, IL I. Business Associates under

More information

DATA BREACH CHARTS (Current as of December 31, 2015)

DATA BREACH CHARTS (Current as of December 31, 2015) DATA BREACH CHARTS (Current as of December 31, 2015) The charts below provide summary information about data breach notification statutes across the country. California adopted the first data breach notification

More information

Data security: A growing liability threat

Data security: A growing liability threat Data security: A growing liability threat Data security breaches occur with alarming frequency in today s technology-laden world. Even a comparatively moderate breach can cost a company millions of dollars

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 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

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

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

New HIPAA Breach Notification Rule: Know Your Responsibilities. Loudoun Medical Group Spring 2010

New HIPAA Breach Notification Rule: Know Your Responsibilities. Loudoun Medical Group Spring 2010 New HIPAA Breach Notification Rule: Know Your Responsibilities Loudoun Medical Group Spring 2010 Health Information Technology for Economic and Clinical Health Act (HITECH) As part of the Recovery Act,

More information

4/21/2015. Jim Reavis CEO, Cloud Security Alliance. Cloud Security Alliance, 2015. Agenda

4/21/2015. Jim Reavis CEO, Cloud Security Alliance. Cloud Security Alliance, 2015. Agenda Jim Reavis CEO, Cloud Security Alliance Agenda CSA History CloudCERT White House Legislative Announcements How is CSA addressing the issue of information sharing? Cloud CISC Pilot Demo Next Steps Questions?

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

Data Breaches and Trade Secrets: What to Do When Your Client Gets Hacked

Data Breaches and Trade Secrets: What to Do When Your Client Gets Hacked Data Breaches and Trade Secrets: What to Do When Your Client Gets Hacked R. Mark Halligan, FisherBroyles, LLP Andreas Kaltsounis, Stroz Friedberg Amy L. Carlson, Stoel Rives LLP Moderated by David A. Bateman,

More information

The Institute of Professional Practice, Inc. Business Associate Agreement

The Institute of Professional Practice, Inc. Business Associate Agreement The Institute of Professional Practice, Inc. Business Associate Agreement This Business Associate Agreement ( Agreement ) effective on (the Effective Date ) is entered into by and between The Institute

More information

Security Breach Notification Laws. Data Privacy Survey 2014

Security Breach Notification Laws. Data Privacy Survey 2014 Security Breach Notification Laws Data Privacy Survey 2014 2014 Weil, Gotshal & Manges LLP. All rights reserved. Quotation with attribution is permitted. Security Breach Notification Laws Data Privacy

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

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

Texas Medical Records Privacy Act

Texas Medical Records Privacy Act A COALFIRE PERSPECTIVE Texas Medical Records Privacy Act Texas House Bill 300 (HB 300) Rick Dakin, CEO & Co-Founder Rick Link, Director Andrew Hicks, Director Overview The State of Texas has pushed ahead

More information

BUSINESS ASSOCIATE AGREEMENT

BUSINESS ASSOCIATE AGREEMENT BUSINESS ASSOCIATE AGREEMENT This Business Associate Agreement ( Agreement ) is entered between ("Covered Entity" or "CE") and, ("Business Associate" or "BA"), collectively the Parties, who agree as follows:

More information

BUSINESS ASSOCIATE AGREEMENT

BUSINESS ASSOCIATE AGREEMENT BUSINESS ASSOCIATE AGREEMENT THIS BUSINESS ASSOCIATE AGREEMENT (this Agreement ), effective as of May 1, 2014 (the Effective Date ), by and between ( Covered Entity ) and Orchard Software Corporation,

More information

Network Security & Privacy Landscape

Network Security & Privacy Landscape Network Security & Privacy Landscape Presented By: Pam Townley, AVP / Eastern Zonal Manager AIG Professional Liability Division Jennifer Bolling, Account Executive Gallagher Management Liability Division

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

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

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

Best practices and insight to protect your firm today against tomorrow s cybersecurity breach

Best practices and insight to protect your firm today against tomorrow s cybersecurity breach Best practices and insight to protect your firm today against tomorrow s cybersecurity breach July 8, 2015 Baker Tilly Virchow Krause, LLP Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently

More information

Navigating the New MA Data Security Regulations

Navigating the New MA Data Security Regulations Navigating the New MA Data Security Regulations Robert A. Fisher, Esq. 2009 Foley Hoag LLP. All Rights Reserved. Presentation Title Data Security Law Chapter 93H Enacted after the TJX data breach became

More information