Privacy Insurance. Avoiding the HMO Experience. cyber. More Differences. By Toby Merrill

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Privacy Insurance. Avoiding the HMO Experience. cyber. More Differences. By Toby Merrill"

Transcription

1 Privacy Insurance Avoiding the HMO Experience By Toby Merrill Privacy, as it relates to an individual s personally identifiable information, such as Social Security numbers, credit card and healthcare data, has become a cause célèbre of federal and state regulators. Increases in the scope of privacy laws continue to fuel a rise in publicly reported corporate data breach incidents. A company that suffers a significant data breach not only confronts the possibility of great financial loss, it may also suffer irreversible reputational damage fueling a need for privacy insurance. Data breach incidents typically arise from the theft or loss of customers and employees personally identifiable information, either in an organization s care and custody or in the custody of its third-party affiliates, vendors or business partners. For the past 15 years, insurance carriers have marketed privacy insurance (also called network security or insurance) to cover the financial losses arising from a data breach. In addition to this risk transfer is a hidden treasure in some privacy policies access to expert advice and services. Not all privacy insurance products are created equal, however. While most policies and endorsements address both first-party and third-party exposures, there are often wide differences in coverage terms, conditions, exclusions and financial limits. More Differences Many policies, for instance, may highlight large limits of insurance coverage for statutory notification to the affected parties of a breach and the monitoring of their credit, but fail to provide adequate financial limits or choice among the vendors providing assistance in the aftermath of a data breach. 47 June 2012 ADVISEN.COM

2 If the carrier requires prior written consent before incurring costs to remediate a data breach event, then the buyer experience is similar to that for someone participating in an HMO. The services of computer forensic specialists, law firms and public relations firms are essential to ferret out the facts, verify the cause and extent of the damage, determine the organization s legal duty to notify and, through public relations, manage the organization s reputation, as well as any affected individuals sentiments towards it. Buyers need to carefully weigh the limitations of each covered expense in the policy. While the provision of victim notification and credit-monitoring services is vital for many organizations, it might not be relevant to a healthcare company that experiences a large breach of medical records. The rationale is that credit monitoring provides alerts when someone tries to open up a line of credit, such as a bank loan or credit card, which would require a Social security number, name, address, or other personally identifiable information. However, if someone steals an individual s medical information, they can perform medical identity theft (purport to be another for medical services, insurance fraud, or prescription drugs). Credit monitoring does not detect this type of theft and therefore, will not alert you of this activity. Another important coverage consideration is whether or not the carrier requires prior written consent before incurring costs to remediate a data breach event. If the policy does have this requirement, the buyer experience would be similar to someone participating in a health management organization (HMO), where the primary care physician serves as a gatekeeper to the covered services. In both cases, failure to obtain prior written approval may result in a denial of coverage. While coverage may seem comprehensive when analyzing the affirmative grants of a policy, it is important to review the coverage exclusions in full detail, given the possibility of significant limitations. Take, for instance, exclusions for losses arising out of non-encrypted data. Encryption technology is a great tool to protect data, but even well-managed organizations that can afford the cost and time for software maintenance rarely achieve 100 percent implementation due to human error. If 99 of 100 employee laptops are properly encrypted, there is always the risk that the one that isn t encrypted will be lost or stolen. In this age of BYOD bring-yourown-device excluding encryption from coverage is unacceptable. Another interesting parallel with an HMO is that some privacy policies require the use of a dedicated service provider, leaving the buyer with either 48 June 2012 ADVISEN.COM

3 One-size-fits-all may be appropriate for some baseball hats not privacy insurance. no choice or very limited choice as to which providers will handle the data breach response. In other words, the policy stipulates which law firm, credit-monitoring firm, PR firm, and so on, has been explicitly selected for the respective service by the carrier. This absence of choice and control may seem acceptable when making the purchasing decision, but in the context of a data breach could mean the difference between a well-managed response with minimal financial impact and favorable customer interactions, and significant legal expenses with potentially long-lasting reputational damage. (See page 41, Six-Figure Savings Possible On Breach Costs, for another perspective.) Unfortunately, many first-time buyers of privacy insurance are unaware of these and other important distinctions from one privacy policy to the next. Consequently, they may be losing out on valuable coverage and advice from experts who can help reduce the threat of a data breach, minimize its impact on the bottom line, and protect the organization s most valuable asset its reputation. More Than Just Insurance Unlike other types of insurance, privacy insurance is more than mere risk transfer it combines insurance protection with expert resources to help policyholders prevent a data breach, provide immediate assistance in the event of a breach, and develop a strong defense against possible, ensuing regulatory or legal actions. Insurance carriers that have provided privacy insurance since its infancy possess a plethora of -related claims data, providing rare insight into company data and network vulnerabilities, which in turn shed light on optimum risk mitigation tactics. Consequently, such specialized insurers typically provide risk management programs in addition to a risk-transfer mechanism. These programs include loss mitigation portals, network security assessments and access to a data breach coach or team to assist policyholders in the event of a data breach. For midsize and smaller companies lacking sophisticated security risk management, the programs often serve as a de facto Chief Information Security Officer. 49 June 2012 ADVISEN.COM

4 While the provision of victim notification and credit-monitoring services is vital for many organizations, it might not be relevant to a healthcare company that experiences a large breach of medical records. Just like privacy insurance policies differ, so do each insurer s loss mitigation programs. A carrier s data breach team panel should be scrutinized in areas such as: Experience. The panel of vendors should be well established and be able to demonstrate extensive experience in handling data breaches. Quality. The firms on the panel should be well regarded in the industry. Choice. There should be an adequate number of vendors for the policyholder to choose from in each category. Services. The services offered by the vendors should not be limited in scope. For example, one insurer may only offer credit monitoring, while another may have additional services available, such as fraud consultation and identity theft restoration. Independence. Each of the data breach team vendors should be separate and distinct from the carrier. Any decision regarding the data breach response plan should be designed to be in the best interest of the policyholder, not the carrier. Legal Privilege. Communications with the carrier s data breach coach or team should be protected by legal privilege. More Or Less There are other potential areas of conflict that buyers should consider. For instance, a panel that comprises a data breach notification service provider charging significantly reduced rates should raise a red flag, as the firm may be hoping to up-sell more expensive credit monitoring services to the affected individuals. Rather than manage the insured s risk, the provider may be seeking to capitalize on additional business down the line. Another critical component of a loss mitigation program is flexibility the ability to choose different policy structures. As mentioned earlier, small companies typically lack the resources for a dedicated IT security staff or don t have the time and expertise to build a formal data breach response plan. In such cases, the company may rely on a privacy insurer s turnkey solution. Large companies with dedicated information security departments, on the other hand, typically will have robust data breach response plans, which may include a complete list of vendors. 50 June 2012 ADVISEN.COM

5 Each situation is different hence the need for the buyer and its broker to ensure the purchase of a privacy insurance policy that expressly suits the need. One-size-fits-all may be appropriate for some baseball hats not privacy insurance. Toby Merrill is Vice President, ACE Professional Risk, where he serves as the national product manager of ACE s network security, privacy, and technology products. Reach Toby at Finding the right combination of risk transfer and loss mitigation services is critical when choosing a privacy insurance policy and carrier. Consider filtering out carriers that impose restrictions or prior written approval and adhere to stringent vendor selection. If the carrier does offer a data breach team panel, be sure to ask whether use of the panel is a condition to coverage and ensure that coverage will still exist if the policyholder chooses a vendor that is out of network. Seek carriers offering different coverage options and the flexibility to design a privacy policy and loss mitigation program addressing the risk profile of your organization. As always, give deep consideration to the carriers underwriting and claims experience. When structuring sophisticated policy language and settling complex claims, experience counts. Buyers should seek underwriters that understand the nuances of privacy insurance and can present a range of appropriate, cost-effective approaches suiting the organization s needs. Buyers should also make sure the carrier s claims will be handled by experienced claims managers that specialize in handling privacy claims. Data breaches have become all-too-common today, their risk an ongoing concern for all risk managers. Obviously, it is critical that buyers of privacy insurance know what they re buying. In an environment in which no two policies are alike, the onus is on risk managers and their brokers to ensure a solution that presents a choice when it comes to selecting expert assistance. Just as you would want to maintain control in selecting the best physician for you and your family, you should also want the same choice when selecting vendors to handle the delicate, time-sensitive response to a data breach. Your organization s bottom line and reputation may depend on it. n 51 June 2012 ADVISEN.COM

CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS

CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS 1 As regulators around the world move to tighten compliance requirements for financial institutions, improvement in cyber security controls will become

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

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 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

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

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-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

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

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

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

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

Preparing for the Inevitable Data Breach: What to Do Before Sensitive Customer and Employee Data is Breached, Stolen or Compromised

Preparing for the Inevitable Data Breach: What to Do Before Sensitive Customer and Employee Data is Breached, Stolen or Compromised ACE USA Podcast Released February 3, 2010 Preparing for the Inevitable Data Breach: What to Do Before Sensitive Customer and Employee Data is Breached, Stolen or Compromised Moderator: Richard Tallo Senior

More information

WHITE PAPER BREACH, PRIVACY, AND CYBER COVERAGES: FACT AND FICTION CYBER COVERAGES

WHITE PAPER BREACH, PRIVACY, AND CYBER COVERAGES: FACT AND FICTION CYBER COVERAGES BREACH, PRIVACY, AND CYBER COVERAGES: FACT AND FICTION IDT911 1 DEFINITIONS 1. Cyber Programs - Focuses on services and systems related to technology and their use in business. Risks addressed include

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

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

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

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

DATA BREACH RESPONSE READINESS Is Your Organization Prepared?

DATA BREACH RESPONSE READINESS Is Your Organization Prepared? March 30, 2015 DATA BREACH RESPONSE READINESS Is Your Organization Prepared? Peter Sloan Pete Enko Jeff Jensen Deborah Juhnke The data security imperatives of Prevention, Detection, and Response do not

More information

Attachment A. Identification of Risks/Cybersecurity Governance

Attachment A. Identification of Risks/Cybersecurity Governance Attachment A Identification of Risks/Cybersecurity Governance 1. For each of the following practices employed by the Firm for management of information security assets, please provide the month and year

More information

How to Respond When Sensitive Customer and Employee Data is Breached, Stolen or Compromised

How to Respond When Sensitive Customer and Employee Data is Breached, Stolen or Compromised ACE USA Podcast Released June 24, 2010 How to Respond When Sensitive Customer and Employee Data is Breached, Stolen or Compromised Moderator: Richard Tallo Senior Vice President, ACE North America Marketing

More information

Cyber Liability & Data Breach Insurance Claims

Cyber Liability & Data Breach Insurance Claims Cyber Liability & Data Breach Insurance Claims A Study of Actual Payouts for Covered Data Breaches Mark Greisiger President NetDiligence June 2011 Last year, privacy breaches ran about 1-2 per week. This

More information

FIVE KEY CONSIDERATIONS FOR ENABLING PRIVACY IN HEALTH INFORMATION EXCHANGES

FIVE KEY CONSIDERATIONS FOR ENABLING PRIVACY IN HEALTH INFORMATION EXCHANGES FIVE KEY CONSIDERATIONS FOR ENABLING PRIVACY IN HEALTH INFORMATION EXCHANGES The implications for privacy and security in the emergence of HIEs The emergence of health information exchanges (HIE) is widely

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

Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy

Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy Privacy, Data Security & Information Use Insurance Recovery & Advisory Cyber Insurance June 17, 2015 Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy By

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

2009 HIMSS Analytics Report: Evaluating HITECH s Impact on Healthcare Privacy and Security

2009 HIMSS Analytics Report: Evaluating HITECH s Impact on Healthcare Privacy and Security 2009 HIMSS Analytics Report: Evaluating HITECH s Impact on Healthcare Privacy and Security Commissioned by ID Experts November 2009 INTRODUCTION Healthcare breaches are on the rise; according to the 2009

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 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

WHITE PAPER KEEPING CLIENT AND EMPLOYEE DATA SECURE DRIVES REVENUE AND BUILDS TRUST PROTECTING THE PROTECTOR

WHITE PAPER KEEPING CLIENT AND EMPLOYEE DATA SECURE DRIVES REVENUE AND BUILDS TRUST PROTECTING THE PROTECTOR KEEPING CLIENT AND EMPLOYEE DATA SECURE DRIVES REVENUE AND BUILDS TRUST Protecting Identities. Enhancing Reputations. IDT911 1 DATA BREACHES AND SUBSEQUENT IDENTITY THEFT AND FRAUD THREATEN YOUR ORGANIZATION

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

The promise and pitfalls of cyber insurance January 2016

The promise and pitfalls of cyber insurance January 2016 www.pwc.com/us/insurance The promise and pitfalls of cyber insurance January 2016 2 top issues The promise and pitfalls of cyber insurance Cyber insurance is a potentially huge but still largely untapped

More information

Beazley Group Beazley Breach Response. A data breach isn t always a disaster Mishandling it is.

Beazley Group Beazley Breach Response. A data breach isn t always a disaster Mishandling it is. Beazley Group Beazley Breach Response A data breach isn t always a disaster Mishandling it is. A world of risk 932.7m Personal records breached in the U.S. since 2005 3 51% The proportion of breaches attributable

More information

Identity Theft Prevention Program Red Flag Rules Policy P093.00 Issued: May 2009

Identity Theft Prevention Program Red Flag Rules Policy P093.00 Issued: May 2009 Identity Theft Prevention Program Red Flag Rules Policy P093.00 Issued: May 2009 The Federal Trade Commission has issued a final rule (the Red Flag Rule) under the Fair and Accurate Credit Transactions

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

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

Red Flag Rules and Aging Services: What You Need to Know

Red Flag Rules and Aging Services: What You Need to Know Red Flag Rules and Aging Services: What You Need to Know Late in 2007, six federal agencies, including the Federal Trade Commission ( FTC ), jointly issued final rules and accompanying guidelines to implement

More information

Understanding the Cyber Risk Insurance and Remediation Services Marketplace:

Understanding the Cyber Risk Insurance and Remediation Services Marketplace: Understanding the Cyber Risk Insurance and Remediation Services Marketplace: A Report on the Experiences and Opinions of Middle Market CFOs September 2010 Betterley Risk Research Insight for the Insurance

More information

Aftermath of a Data Breach Study

Aftermath of a Data Breach Study Aftermath of a Data Breach Study Sponsored by Experian Data Breach Resolution Independently conducted by Ponemon Institute LLC Publication Date: January 2012 Ponemon Institute Research Report Aftermath

More information

Managing cyber risks with insurance

Managing cyber risks with insurance www.pwc.com.tr/cybersecurity Managing cyber risks with insurance Key factors to consider when evaluating how cyber insurance can enhance your security program June 2014 Managing cyber risks to sensitive

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

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/ 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

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

Panel Title: Data Breaches: Industry and Law Enforcement Perspectives on Best Practices

Panel Title: Data Breaches: Industry and Law Enforcement Perspectives on Best Practices Panel Title: Data Breaches: Industry and Law Enforcement Perspectives on Best Practices Over the course of this one hour presentation, panelists will cover the following subject areas, providing answers

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

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

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

IN CASE OF EMERGENCY. A guide for managing a data breach quickly and confidently

IN CASE OF EMERGENCY. A guide for managing a data breach quickly and confidently IN CASE OF EMERGENCY A guide for managing a data breach quickly and confidently The number of breaches increased 47% in 2008. Source: Identity Theft Resource Center. ITRC Breach Report 2008 Final. January

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

Anatomy of a Privacy and Data Breach

Anatomy of a Privacy and Data Breach Anatomy of a Privacy and Data Breach Understanding the Risk and Managing a Crisis Adam Kardash: Partner, Heenan Blaikie LLP Robert Parisi: Senior Vice President, Marsh Leadership, Knowledge, Solutions

More information

Cyber threat reality check GLOBAL TECHNOLOGY S RISK ADVISOR SERIES TURN RISK INTO ADVANTAGE THE THREAT IS GROWING IGNORING IT CAN BE COSTLY

Cyber threat reality check GLOBAL TECHNOLOGY S RISK ADVISOR SERIES TURN RISK INTO ADVANTAGE THE THREAT IS GROWING IGNORING IT CAN BE COSTLY GLOBAL TECHNOLOGY S RISK ADVISOR SERIES TURN RISK INTO ADVANTAGE WHY COMPLACENCY IS UNWARRANTED > WHERE CYBER THREATS COME FROM > THREE STEPS TO MANAGING CYBER THREATS > Cyber threat reality check THE

More information

MAKING THE RIGHT CHOICE

MAKING THE RIGHT CHOICE MAKING THE RIGHT CHOICE How to select a data breach response remediation provider in either a pre-breach or post-breach situation by Shawn Melito, NPC, Inc. Integrated Print & Digital Solutions In cooperation

More information

Identity Theft Prevention Program

Identity Theft Prevention Program -- Sample Policy -- Identity Theft Prevention Program Purpose To establish an Identity Theft Prevention Program designed to detect, prevent and mitigate identity theft in connection with the opening of

More information

Introduction to Data Security Breach Preparedness with Model Data Security Breach Preparedness Guide

Introduction to Data Security Breach Preparedness with Model Data Security Breach Preparedness Guide Introduction to Data Security Breach Preparedness with Model Data Security Breach Preparedness Guide by Christopher Wolf Directors, Privacy and Information Management Practice Hogan Lovells US LLP christopher.wolf@hoganlovells.com

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

Integrity We are above reproach in everything we do.

Integrity We are above reproach in everything we do. Identity Theft Protection Program Compliance with FTC Red Flags Rule Approved by AHC Organizational Committee on: May 26 th, 2009 Electronic Copy Available on AHC s OIP Web Site Integrity We are above

More information

HIPAA and HITECH Compliance for Cloud Applications

HIPAA and HITECH Compliance for Cloud Applications What Is HIPAA? The healthcare industry is rapidly moving towards increasing use of electronic information systems - including public and private cloud services - to provide electronic protected health

More information

CGI Cyber Risk Advisory and Management Services for Insurers

CGI Cyber Risk Advisory and Management Services for Insurers CGI Cyber Risk Advisory and Management Services for Insurers Minimizing Cyber Risks cgi.com 3 As organizations seek to create value in today s highly interconnected world, they inherently increase their

More information

Is Your Company Ready for a Big Data Breach?

Is Your Company Ready for a Big Data Breach? Is Your Company Ready for a Big Data Breach? The Second Annual Study on Data Breach Preparedness Sponsored by Experian Data Breach Resolution Independently conducted by Ponemon Institute LLC Publication

More information

Cyber Risks Connect With Directors and Officers

Cyber Risks Connect With Directors and Officers Cyber Risks Connect With Directors and Officers Implications of the New SEC Guidance on Cyber Security February 2012 Lockton Companies, LLC The Securities and Exchange Commission (SEC) has changed the

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

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

Identity Theft Plan. Guidebook. Copyright 2013 Prepaid Plans All Rights Reserved

Identity Theft Plan. Guidebook. Copyright 2013 Prepaid Plans All Rights Reserved Identity Theft Plan Guidebook Copyright 2013 Prepaid Plans All Rights Reserved Identity Theft Solutions Identity Theft Insurance Claims When filing an identity theft claim please contact a claims administrator

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

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

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

MOTLOW STATE COMMUNITY COLLEGE

MOTLOW STATE COMMUNITY COLLEGE Page 1 of 5 MOTLOW STATE COMMUNITY COLLEGE SUBJECT: FACTA Red Flag Rule and Identity Theft Prevention Program I. BACKGROUND In late 2007 the Federal Trade Commission (FTC) and Federal banking agencies

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

YOUR TRUSTED PARTNER IN A DIGITAL AGE. A guide to Hiscox Cyber and Data Insurance

YOUR TRUSTED PARTNER IN A DIGITAL AGE. A guide to Hiscox Cyber and Data Insurance YOUR TRUSTED PARTNER IN A DIGITAL AGE A guide to Hiscox Cyber and Data Insurance 2 THE CYBER AND DATA RISK TO YOUR BUSINESS This digital guide will help you find out more about the potential cyber and

More information

CYBERSECURITY IN HEALTHCARE: A TIME TO ACT

CYBERSECURITY IN HEALTHCARE: A TIME TO ACT share: TM CYBERSECURITY IN HEALTHCARE: A TIME TO ACT Why healthcare is especially vulnerable to cyberattacks, and how it can protect data and mitigate risk At a time of well-publicized incidents of cybersecurity

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

POSITION PAPER. A Full Recovery Approach to Data Breach Response

POSITION PAPER. A Full Recovery Approach to Data Breach Response POSITION PAPER A Full Recovery Approach to Data Breach Response In data breach situations, organizations have typically responded with damage control : legally required notification of the individuals

More information

Practical Cyber Law: Why the Standard of Care Requires Lawyers to Have a Basic Understanding of Cyber Insurance

Practical Cyber Law: Why the Standard of Care Requires Lawyers to Have a Basic Understanding of Cyber Insurance Practical Cyber Law: Why the Standard of Care Requires Lawyers to Have a Basic Understanding of Cyber Insurance By Shawn Tuma & Katti Smith Data breaches have become far more common than most people realize.

More information

2014 NETWORK SECURITY & CYBER RISK MANAGEMENT: A SURVEY OF ENTERPRISE-WIDE CYBER RISK MANAGEMENT PRACTICES IN THE ASIA-PACIFIC REGION

2014 NETWORK SECURITY & CYBER RISK MANAGEMENT: A SURVEY OF ENTERPRISE-WIDE CYBER RISK MANAGEMENT PRACTICES IN THE ASIA-PACIFIC REGION 2014 NETWORK SECURITY & CYBER RISK MANAGEMENT: A SURVEY OF ENTERPRISE-WIDE CYBER RISK MANAGEMENT PRACTICES IN THE ASIA-PACIFIC REGION April 2014 Sponsored by: 2014 Network Security & Cyber Risk Management:

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

INFORMATION SECURITY CYBER LIABILITY RISK MANAGEMENT. October 2013. Sponsored by:

INFORMATION SECURITY CYBER LIABILITY RISK MANAGEMENT. October 2013. Sponsored by: 2013 INFORMATION SECURITY CYBER LIABILITY RISK MANAGEMENT & October 2013 & INFORMATION SECURITY CYBER LIABILITY RISK MANAGEMENT: The Third Annual Survey on the Current State of and Trends in Information

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

DATA BREACH COVERAGE

DATA BREACH COVERAGE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ THIS CAREFULLY. DATA BREACH COVERAGE SCHEDULE OF COVERAGE LIMITS Coverage Limits of Insurance Data Breach Coverage $50,000 Legal Expense Coverage $5,000

More information

Anatomy of a Healthcare Data Breach

Anatomy of a Healthcare Data Breach BUSINESS WHITE PAPER Anatomy of a Healthcare Data Breach Prevention and remediation strategies Anatomy of a Healthcare Data Breach Table of Contents 2 Increased risk 3 Mitigation costs 3 An Industry unprepared

More information

Is Your Company Ready for a Big Data Breach? Sponsored by Experian Data Breach Resolution

Is Your Company Ready for a Big Data Breach? Sponsored by Experian Data Breach Resolution Is Your Company Ready for a Big Data Breach? Sponsored by Experian Data Breach Resolution Independently conducted by Ponemon Institute LLC Publication Date: April 2013 Ponemon Institute Research Report

More information

Employment Practices Liability Insurance and Insurance Coverage for Employee Dishonesty

Employment Practices Liability Insurance and Insurance Coverage for Employee Dishonesty Employment Practices Liability Insurance and Insurance Coverage for Employee Dishonesty Michael Conley, Esq. (267) 216-2707 mconley@andersonkill.com AAPA Port Administration and Legal Issues Seminar Baltimore,

More information

WHEREAS the Federal Trade Commission regulations include utility companies in the definition of creditor;

WHEREAS the Federal Trade Commission regulations include utility companies in the definition of creditor; CITY OF STATE OF GEORGIA ORDINANCE NO: AN ORDINANCE TO AMEND THE CODE OF ORDINANCES, CITY OF, GEORGIA TO PROVIDE A NEW ARTICLE, IDENTITY THEFT PREVENTION PROGRAM; TO COMPLY WITH FEDERAL REGULATIONS RELATING

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

CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY. October 2014. Sponsored by:

CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY. October 2014. Sponsored by: CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY October 2014 CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY Global reinsurer PartnerRe collaborated with Advisen to conduct a comprehensive market survey

More information

CHAPTER 101: IDENTITY THEFT PREVENTION PROGRAM

CHAPTER 101: IDENTITY THEFT PREVENTION PROGRAM CHAPTER 101: IDENTITY THEFT PREVENTION PROGRAM Section 101.01 Purpose 101.02 Definitions 101.03 Program established 101.04 Administration of program 101.05 Identification of relevant red flags 101.06 Detection

More information

A Proposal of Employee Benefits. Innovations in IDENTITY THEFT

A Proposal of Employee Benefits. Innovations in IDENTITY THEFT A of Employee Benefits Innovations in IDENTITY THEFT Innovations in IDENTITY THEFT Name or Logo 2 Innovations in IDENTITY THEFT A Complete Identity Theft Solution Prevention to Prosecution Solution

More information

Network Security and Data Privacy Insurance for Physician Groups

Network Security and Data Privacy Insurance for Physician Groups Network Security and Data Privacy Insurance for Physician Groups February 2014 Lockton Companies While exposure to medical malpractice remains a principal risk MIKE EGAN, CPCU Senior Vice President Unit

More information

Personal Information Protection Act Information Sheet 11

Personal Information Protection Act Information Sheet 11 Notification of a Security Breach Personal Information Protection Act Information Sheet 11 Introduction Personal information is used by organizations for a variety of purposes: retail and grocery stores

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 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

OCIE CYBERSECURITY INITIATIVE

OCIE CYBERSECURITY INITIATIVE Topic: Cybersecurity Examinations Key Takeaways: OCIE will be conducting examinations of more than 50 registered brokerdealers and registered investment advisers, focusing on areas related to cybersecurity.

More information

GALLAGHER CYBER LIABILITY PRACTICE. Cyber Risk Exposures and Solutions

GALLAGHER CYBER LIABILITY PRACTICE. Cyber Risk Exposures and Solutions GALLAGHER CYBER LIABILITY PRACTICE Cyber Risk Exposures and Solutions Cyber Risk Exposures and Solutions Arthur J. Gallagher & Co. s Cyber Liability Practice has the expertise and the desire to deliver

More information

Key Trends, Issues and Best Practices in Compliance 2014

Key Trends, Issues and Best Practices in Compliance 2014 Key Trends, Issues and Best Practices in Compliance 2014 What Makes This Survey Different Research conducted by independent third party Clients and non-clients 301 executive decision makers 35 qualitative

More information

Update on Anthem Cyber Attack General Information for Clients and Brokers

Update on Anthem Cyber Attack General Information for Clients and Brokers Update on Anthem Cyber Attack General Information for Clients and Brokers February 20, 2015 What happened? Anthem, Inc. was the victim of a cyber attack. Anthem discovered that one of its database warehouses

More information

Healthcare Utilizing Trusted Identity Credentials

Healthcare Utilizing Trusted Identity Credentials Healthcare Utilizing Trusted NextgenID - Headquarters 10226 San Pedro Ave, Suite 100 San Antonio, TX 78216 (210) 530-9991 NextgenID - Washington DC 13454 Sunrise Valley Drive, Suite 430 Herndon, VA 20171

More information

Best Practices in Incident Response. SF ISACA April 1 st 2009. Kieran Norton, Senior Manager Deloitte & Touch LLP

Best Practices in Incident Response. SF ISACA April 1 st 2009. Kieran Norton, Senior Manager Deloitte & Touch LLP Best Practices in Incident Response SF ISACA April 1 st 2009 Kieran Norton, Senior Manager Deloitte & Touch LLP Current Landscape What Large scale breaches and losses involving credit card data and PII

More information

HIPAA Compliance: Efficient Tools to Follow the Rules

HIPAA Compliance: Efficient Tools to Follow the Rules Bank of America Merrill Lynch White Paper HIPAA Compliance: Efficient Tools to Follow the Rules Executive summary Contents The stakes have never been higher for compliance with the Health Insurance Portability

More information

Statement of. Carlos Minetti. Discover Financial Services. Before the. Subcommittee on Oversight and Investigations. of the

Statement of. Carlos Minetti. Discover Financial Services. Before the. Subcommittee on Oversight and Investigations. of the Statement of Carlos Minetti Discover Financial Services Before the Subcommittee on Oversight and Investigations of the Committee on Financial Services United States House of Representatives July 21, 2005

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

THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS

THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS Download the entire guide and follow the conversation at SecurityRoundtable.org Investment in cyber insurance Lockton Companies

More information