Cyber Liability. Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group Ext. 7029

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Cyber Liability. Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029"

Transcription

1 Cyber Liability Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group Ext Today s Agenda What is Cyber Liability? What are the exposures? Reality of a data breach How to cover these exposures 4/28/

2 What is Cyber Liability? Cyber Liability Security and Privacy Liability Data Breach Coverage Cyber Security Cyber Risk Network Security 4/28/ History Security and privacy rules in HIPAA regulations California SB 1386 Expanding HIPAA with HITECH Pennsylvania in states have enacted legislation 4/28/

3 Who Should Be Concerned? Any company that gathers, maintains or stores personally identifiable information (PII) Firms that are subject to regulatory guidelines & statutes 4/28/ Healthcare Related Exposures Federal and state regulations Private action and class action Out of pocket expenses First party damage 4/28/

4 Federal and State Regulations Several federal laws have sought to protect the privacy of healthcare information including HIPAA & HITECH State attorney generals 4/28/ Breach Notification Laws Federal laws include HIPAA, HITECH, and GLBA 47 State Laws & Regulations (NM, SD & AL) Foreign Legislation 4/28/

5 Pennsylvania State Code Any business that maintains, stores or manages the personal information of PA residents is subject to the state code Personal information includes first / last name, social security numbers, driver s license number, financial information, and disassociated data The PA code applies to information that is unencrypted 4/28/ Pennsylvania State Code Notification is only required when there is evidence that the breach could materially compromise the security, confidentiality, or integrity of the PII There are no requirements to notify state regulators Notice may be given in written, phone or electronic format depending on the prior relationship Customer reporting agencies must be notified with breaches involved >1,000 individuals Substitute notice can be given if breach involves >500k individuals or costs more than $250,000 Fines & Penalties can be levied by state 4/28/

6 Lost or Stolen Portable Devices In 2014, 46% of healthcare breaches involved lost or stolen devices including phones, laptops & tablets In 2013, 30% of healthcare breaches involved lost or stolen devices Since 2010, 68% of healthcare breaches were caused by lost or stolen devices $18 per record increase in breach costs involving lost or stolen devices 5 of the top 10 healthcare data breaches in 2013 involved lost or stolen devices 4/28/ Private & Class Action Most private lawsuits have been largely unsuccessful Class action suits have been filed in every major data breach Limited case law for either side 4/28/

7 Out of Pocket Expenses $316 is the average cost per record specific to the healthcare services industry Notification, credit monitoring, forensics, public relations and call center services Regulatory defense and penalties Liability defense and damages 4/28/ First Party Damage IT systems and network interruption Loss of business income Reputational damage Loss of customers Cyber extortion Costs to reissue debit and credit cards Theft of funds from client accounts 4/28/

8 The Reality of a Breach Causes of a Breach Malicious or criminal attack 44% of breaches System issues and glitches 25% of breaches Human error and negligence 31% of breaches 4/28/

9 Key Data Breach Statistics 43% of all breaches in 2013 involved healthcare organizations 40% of home care organizations indicated a breach had occurred but caused no negative impact Customer churn rate in 2013 for healthcare institutions was 5.3% 90% of health care organizations reported they have had at least one data breach over the last two years Medical information is worth 10 times more than financial information 4/28/ Medical Identity Theft Electronic storage of medical information is creating a new source of revenue for hackers The value of a stolen credit card record 33 cents The value of PHI $10-$20 dollars Health records are the new credit cards Hackers are now using medical information to fraudulently bill insurance companies and steal identities. Difficult to destroy the information = Long Term Value 4/28/

10 Timeline of a breach Discovery of a breach Investigation into the breach using internal IT or outside consultant Selection of law firm to review applicable regulations & statutes Creation and mailing of notification letters to affected individuals (required and voluntary) Expenses to provide credit monitoring to individuals that accept the offer Establish a call center for individuals to call in response to the letter Notify the various state attorney generals and any applicable federal organization of the breach 4/28/ Average Expenses Notification costs - $509,237 Total post breach expenses - $1,599,996 Average lost business costs - $3,324,959 Total per record costs - $236 Direct costs to firm after a breach per record - $67 Expense breakdown per record: Notification: $1-$3 Credit monitoring: $10-$20 Call center services: $4-$7 Forensics consultants: $9-$12 Crisis management: $7-$10 Compliance consulting: $2-$4 Legal services (pre-defense) - $10-$15 4/28/

11 Claim Example Premier Home Health discovered 11/26/2014 State New York Type of Breach Stolen Laptop A laptop & phone were stolen from a nurse containing more than 2,700 records Laptop was encrypted but the phone was not encrypted The nurse was employed by a business associate not Premier Home Health Information included the following: Patient Names Demographics Social Security Numbers Medicaid IDs DOB Clinical Diagnoses Treatment Information Insurance Claim Numbers Estimated direct costs to Premier: $200,000 4/28/ Claim Example Alere Home Monitoring discovered 9/23/2012 State California Type of Breach Stolen Laptop An unencrypted laptop was stolen from an employee s car containing 116,503 patients information Alere notified affected individuals on 10/1/2012. Class action lawsuit filed on 1/23/2013 Class action suit dismissed on 10/9/14 Information included the following: Health Information Social Security Numbers Estimated direct costs to the Alere $11-15 Million 4/28/

12 Claim Example Community Health Systems discovered 8/18/2014 State TN Type of breach Malware In August CHS discovered a breach of 4.5M patient records. The information was stolen by Chinese Hackers who took advantage of the Heartbleed bug The information included the following: Patient Names Addresses Dates of Birth Phone Numbers Social security numbers CHS is in the middle of investigation and notification of individuals Estimated direct costs to CHS $100,000,000 4/28/ How to Cover the Exposure? 12

13 Why Not the Standard Policies? Most companies currently carry standard insurance policies specifically Commercial General Liability, Professional Liability and Crime Coverage. Many of these companies believe that coverage is provided somewhere underneath these policies or they have purchased endorsements to add limited coverage with lower limits. Current case law supports the insurance companies in that the cyber liability exposure will not find coverage under a policy not otherwise designed to cover the exposure. Several major corporations involved in data breaches including Sony, JP Morgan and Epsilon have attempted to force their insurance carrier to provide coverage without success. 4/28/ Cyber Liability Policy Format Third Party Liability Defense for suits arising from the breach Damages awarded as a part of a ruling or settlement for the breach Liability for the wrongful disclosure of PII in the company s care, custody or control Liability coverage is provided for the insured when the breach arises from a third party holding the PII including cloud providers, back-up centers or information storage firms. Failure of the insured s systems to guard against the release of malicious code or attacks against other firms Coverage is provided for the defense, fines & penalties associated with regulatory proceedings 4/28/

14 Cyber Liability Policy Format First party coverage Breach related expenses including: Notification costs (required & voluntary) Credit monitoring Crisis management (PR, forensics, call centers, etc ) Additional covered expenses related to the breach True first party expenses including: Business interruption Loss of business income Cyber extortion 4/28/ Cyber Liability Rating Factors The primary rating factors include the following: Revenues Security Measures Type of Information Held Number of Accessible Records Loss History The majority of carriers rate primarily off of the revenues and loss history Secondary rating factors are the number of records & security measures Why are the number of records a secondary rating factor? 4/28/

15 Cyber Liability Limits The standard limit for a cyber liability policy is $1,000,000 Most policies contain sublimits for first party coverages First party coverage limits for breach costs should start at $250,000 Regulatory Defense & Penalties generally has a separate sublimit Contract requirements have increased higher limit requests Increased awareness is helping to drive higher limit requests Your limits should address the realistic exposure Where do you benchmark? 4/28/ What to Look for in a Carrier Carrier experience and length of time writing the coverage Underwriter experience and involvement with the industry Coverage forms, endorsements and limit capacity Pre-claim risk management services provided by the policy Active network monitoring as a risk management measure In-house claims or use of a third party vendor Data breach coaches on hand 4/28/

16 Available Cyber Carriers Beazley Hiscox Markel Philadelphia Insurance Ironshore Axis Ascent Chubb CNA SafeOnline Barbican HCC Global Euclid Insurance Argo Pro Business Risk Partners USLI AIG Travelers Insurance ACE Insurance Zurich Insurance Hartford Dozens of others. 4/28/ How To Get A Quote Please Contact: Kenneth G Reinheimer III, MBA Chamberlin & Reinheimer Insurers Inc 215 Wyoming Ave Scranton, PA fax cell ** Applications can be picked up at Chamberlain s Booth in the vendors hall** 4/28/

17 Questions? Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group Ext

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America CYBER INSURANCE Cyber Insurance and Gaps in Traditional Insurance Cyber and E&O Team Willis FINEX North America Privacy & Network Security (Cyber) Insurance COVERAGE MODULES Privacy Expense Consumer Notification

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

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

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

Network Security & Privacy Liability:

Network Security & Privacy Liability: Network Security & Privacy Liability: An Overview of Loss Mitigation Concepts and Data Breach Response Services March 20 th, 2012 Brian Cole, Managing Director Professional Liability Specialty Practice

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

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

Willis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk

Willis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk Willis Healthcare Practice 11 th Annual Forum July 10,2007 Managing and Insuring Risks in Network Privacy/Cyber Risk What is Network Security & Privacy Insurance? Created to cover gaps in traditional insurance

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

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

PROFESSIONAL RISK PRIVACY CLAIMS SCENARIOS

PROFESSIONAL RISK PRIVACY CLAIMS SCENARIOS PROFESSIONAL RISK PRIVACY CLAIMS SCENARIOS The following claim scenarios are hypothetical and are offered solely to illustrate the types of situations that may result in claims. Although sorted by industry,

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 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

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

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

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

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

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

Cyber Liability & Data Breach Insurance Claims

Cyber Liability & Data Breach Insurance Claims NetDiligence 2013 Cyber Liability & Data Breach Insurance Claims Authored by: Mark Greisiger Sponsored by: AllClear ID Faruki Ireland & Cox PLL Kivu Consulting Introduction The third annual NetDiligence

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

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

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-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

Are Data Breaches a Real Concern? Protecting Your Sensitive Information. Phillips Auction House NY- 03/24/2015

Are Data Breaches a Real Concern? Protecting Your Sensitive Information. Phillips Auction House NY- 03/24/2015 Are Data Breaches a Real Concern? Protecting Your Sensitive Information Phillips Auction House NY- 03/24/2015 1 Agenda Current Data Breach Issues & Legal Implications Data Breach Case Study Risk Management

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

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

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

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

4/30/2015 CYBER LIABILITY AND AVIATION AGENDA LEARNING OBJECTIVES. Presented by Hal Hunt May 3, 2015

4/30/2015 CYBER LIABILITY AND AVIATION AGENDA LEARNING OBJECTIVES. Presented by Hal Hunt May 3, 2015 CYBER LIABILITY AND AVIATION Presented by Hal Hunt May 3, 2015 AGENDA Introduction Leaning Objectives Threat Examples Underwriting Protection/Cyber Policy Summary 2 LEARNING OBJECTIVES Understand Key Terms

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

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

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

Privacy Rights Clearing House

Privacy Rights Clearing House 10/13/15 Cybersecurity in Education What you face as educational organizations How to Identify, Monitor and Protect Presented by Jamie Gershon Sr. Vice President Education Practice Group 1 Privacy Rights

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

CAGNY Spring 2015 Meeting Fundamentals of Cyber Risk. Brad Gow June 9th, 2015 Endurance

CAGNY Spring 2015 Meeting Fundamentals of Cyber Risk. Brad Gow June 9th, 2015 Endurance Fundamentals of Cyber Risk Brad Gow June 9th, 2015 Endurance But consider the kickoff chuckle to a speech given to the Wharton School in March 1977 by Sidney Homer of Salomon Brothers, the leading bond

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

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

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

DATA BREACH BREAK DOWN LESSONS LEARNED FROM TARGET

DATA BREACH BREAK DOWN LESSONS LEARNED FROM TARGET DATA BREACH BREAK DOWN LESSONS LEARNED FROM TARGET 2014 NSGA Management Conference John Webb Jr., CIC Emery & Webb, Inc. Inga Goddijn, CIPP/US Risk Based Security, Inc. Not just a big business problem

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

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

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

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 Threats and the Insurance Response

Cyber Threats and the Insurance Response Cyber Threats and the Insurance Response Scott Reeves & Laurence Yan Munich Reinsurance Company This presentation has been prepared for the Actuaries Institute 2014 General Insurance Seminar. The Institute

More information

9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability.

9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability. Miscellaneous Current Topics in Healthcare Professional Liability Josh Zirin, FCAS, MAAA Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the

More information

Embracing Cyber Risk: Insurance Solutions

Embracing Cyber Risk: Insurance Solutions Embracing Cyber Risk: Insurance Solutions ANZIIF Risk Rendezvous 15 Ian Pollard, Managing Director, Delta Insurance New Zealand Limited Agenda Risk Management Risk Transfer and Insurance Cyber attacks

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

Cyber Liability Insurance: It May Surprise You

Cyber Liability Insurance: It May Surprise You Cyber Liability Insurance: It May Surprise You Moderator Eugene Montgomery, President & CEO Community Financial Insurance Center Panelists Antonio Trotta, Senior Claim Counsel, CNA Specialty William Heinbokel,

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

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

THE DATA BREACH: How to stay defensible before, during and after the incident. after the incident.

THE DATA BREACH: How to stay defensible before, during and after the incident. after the incident. THE DATA BREACH: How to stay defensible before, during and after the incident. after the incident. September 22, 2015 Erica Ouellette Beazley Technology, Media & Business Services Alyson Newton, Executive

More information

Why Lawyers? Why Now?

Why Lawyers? Why Now? TODAY S PRESENTERS Why Lawyers? Why Now? New HIPAA regulations go into effect September 23, 2013 Expands HIPAA safeguarding and breach liabilities for business associates (BAs) Lawyer is considered a business

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

CyberSecurity for Law Firms

CyberSecurity for Law Firms CyberSecurity for Law Firms Cracking the Cyber Code: Recent Headlines, Reinforcing the Need and Response Planning July 16, 2013 Making the Case Matthew Magner Senior Underwriting Officer Chubb & Son, a

More information

Beazley presentation master

Beazley presentation master The Art of Breach Management Beazley presentation master February 2008 A Brief Review of Data Breaches What is a Data Breach? Actual release or disclosure of information to an unauthorized individual/entity

More information

Cyber Liability. What School Districts Need to Know

Cyber Liability. What School Districts Need to Know Cyber Liability What School Districts Need to Know Data Breaches Growing In Number Between January 1, 2008 and April 4, 2012 314,216,842 reported records containing sensitive personal information have

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

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

2015 PIAA Corporate Counsel Workshop October 22 23, 2015 Considerations in Cyber Liability Coverage

2015 PIAA Corporate Counsel Workshop October 22 23, 2015 Considerations in Cyber Liability Coverage 2015 PIAA Corporate Counsel Workshop October 22 23, 2015 Considerations in Cyber Liability Coverage Chris Reese Vice President, Director of Underwriting Connie Rivas Asst. Vice President, Contracts and

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

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance WHITEPAPER MARCH 2014 www.beroe-inc.com Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance Abstract With cyber-attacks becoming increasingly sophisticated and frequent, and with

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

Cyber Liability Insurance Who Pays When Your Data Goes Missing?

Cyber Liability Insurance Who Pays When Your Data Goes Missing? Cyber Liability Insurance Who Pays When Your Data Goes Missing? JAKE KOUNS Markel Corporation Session ID: GRC-201 Insert presenter logo here on slide master. See hidden slide 4 for directions Session Classification:

More information

Cyber and CGL Insurance Coverage for Data Breach Claims

Cyber and CGL Insurance Coverage for Data Breach Claims Cyber and CGL Insurance Coverage for Data Breach Claims Paula Weseman Theisen, Partner Data breach overview Definition of data breach/types Data breach costs Data breach legal claims and damages Cyber-insurance

More information

Medical Information Breaches: Are Your Records Safe?

Medical Information Breaches: Are Your Records Safe? Medical Information Breaches: Are Your Records Safe? Learning Objectives At the conclusion of this presentation the learner will be able to: Recognize the growing risk of data breaches Assess the potential

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

SMB Data Breach Risk Management Best Practices. By Mark Pribish February 19, 2015

SMB Data Breach Risk Management Best Practices. By Mark Pribish February 19, 2015 SMB Data Breach Risk Management Best Practices By Mark Pribish February 19, 2015 Presentation Agenda About Mark Pribish Information Governance The Threat Landscape Data Breach Trends Legislative and Regulatory

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 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

Cybersecurity: Emerging Legal Risks

Cybersecurity: Emerging Legal Risks Cybersecurity: Emerging Legal Risks Data Breach Cyber Liability Seminar April 17, 2015 By: Tsutomu L. Johnson tj@scmlaw.com Overview of 2014 Data Breaches: JP Morgan, Home Depot, P.F. Chang s, Healthcare.gov,

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

The Data Breach: How to stay defensible before, during and after the incident. Alex Ricardo, CIPP/US Breach Response Services

The Data Breach: How to stay defensible before, during and after the incident. Alex Ricardo, CIPP/US Breach Response Services The Data Breach: How to stay defensible before, during and after the incident. Alex Ricardo, CIPP/US Breach Response Services What we are NOT doing today Providing Legal Advice o Informational Purposes

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

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

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

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

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

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 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

Information Security Addressing Your Advanced Threats

Information Security Addressing Your Advanced Threats Information Security Addressing Your Advanced Threats Where We are Going Information Security Landscape The Threats You Face How To Protect Yourself This Will Not Be Boring What Is Information Security?

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

Cyberinsurance: Insuring for Data Breach Risk

Cyberinsurance: Insuring for Data Breach Risk View the online version at http://us.practicallaw.com/2-588-8785 Cyberinsurance: Insuring for Data Breach Risk JUDY SELBY AND C. ZACHARY ROSENBERG, BAKER HOSTETLER LLP, WITH PRACTICAL LAW INTELLECTUAL

More information

CYBER LIABILITY. Bring on tomorrow. Network Security and Privacy. May 15, 2014

CYBER LIABILITY. Bring on tomorrow. Network Security and Privacy. May 15, 2014 CYBER LIABILITY Network Security and Privacy Bring on tomorrow May 15, 2014 1 AGENDA I. Identify Exposures II. Identify how a breach can occur III. The Coverage (Third Party Liability + First Party Losses)

More information

BOARD OF GOVERNORS MEETING JUNE 25, 2014

BOARD OF GOVERNORS MEETING JUNE 25, 2014 CYBER RISK UPDATE BOARD OF GOVERNORS MEETING JUNE 25, 2014 EXECUTIVE SUMMARY Cyber risk has become a major threat to organizations around the world, as highlighted in several well-publicized data breaches

More information

September Sincerely, David Schwaner Agency Director, Coverys Insurance Services. In This Issue...

September Sincerely, David Schwaner Agency Director, Coverys Insurance Services. In This Issue... September 2014 Greetings! I hope this edition of CIS News finds you enjoying the beginning of the fall season. The Coverys Insurance Services staff always appreciates this time of year when we can support

More information

The Cost of Payment Card Data Theft and Your Business. Aaron Lego Director of Business Development

The Cost of Payment Card Data Theft and Your Business. Aaron Lego Director of Business Development The Cost of Payment Card Data Theft and Your Business Aaron Lego Director of Business Development Presentation Agenda Items we will cover: 1. Background on Payment Card Industry Data Security Standards

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

PANEL DISCUSSION: Cyber Risk Insurance. 19 March 2015. (Network Security & Privacy Insurance)

PANEL DISCUSSION: Cyber Risk Insurance. 19 March 2015. (Network Security & Privacy Insurance) PANEL DISCUSSION: Cyber Risk Insurance (Network Security & Privacy Insurance) 19 March 2015 Panelists: Cinzia Altomare, Manager Facultative, Gen Re, Italy Michael Shen, AVP, Liberty Specialty Markets,

More information

Understanding. your Cyber Liability coverage

Understanding. your Cyber Liability coverage Understanding your Cyber Liability coverage TEXAS MEDICAL LIABILITY TRUST 901 S. Mopac Expressway Barton Oaks Plaza V, Suite 500 Austin, TX 78746-5942 P.O. Box 160140 Austin, TX 78716-0140 800-580-8658

More information

CSR Breach Reporting Service Frequently Asked Questions

CSR Breach Reporting Service Frequently Asked Questions CSR Breach Reporting Service Frequently Asked Questions Quick and Complete Reporting is Critical after Data Loss Why do businesses need this service? If organizations don t have this service, what could

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

October 24, 2014. Mitigating Legal and Business Risks of Cyber Breaches

October 24, 2014. Mitigating Legal and Business Risks of Cyber Breaches October 24, 2014 Mitigating Legal and Business Risks of Cyber Breaches AGENDA Introductions Cyber Threat Landscape Cyber Risk Mitigation Strategies 1 Introductions 2 Introductions To Be Confirmed Title

More information

TNHFMA 2011 Fall Institute October 12, 2011 TAKING OUR CUSTOMERS BUSINESS FORWARD. The Cost of Payment Card Data Theft and Your Business

TNHFMA 2011 Fall Institute October 12, 2011 TAKING OUR CUSTOMERS BUSINESS FORWARD. The Cost of Payment Card Data Theft and Your Business TAKING OUR CUSTOMERS BUSINESS FORWARD The Cost of Payment Card Data Theft and Your Business Aaron Lego Director of Business Development Presentation Agenda Items we will cover: 1. Background on Payment

More information

Cyber Risk in Healthcare AOHC, 3 June 2015

Cyber Risk in Healthcare AOHC, 3 June 2015 Cyber Risk in Healthcare AOHC, 3 June 2015 Kopiha Nathan, Senior Healthcare Risk Management and Data Specialist James Penafiel, Underwriting Supervisor, Insurance Operations CFPC Conflict of Interest -

More information

DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED?

DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? February 3, 2012 Steve Brown, Agency Manager West Virginia Medical Insurance Agency How many in the audience today will

More information

New Developments in Cyber Security & Data Breaches San Diego, California May 2014

New Developments in Cyber Security & Data Breaches San Diego, California May 2014 New Developments in Cyber Security & Data Breaches San Diego, California May 2014 Sharon Lyon John Mullen NetDiligence Lewis Brisbois Bisgaard & Smith Claire Lee Reiss NLC-RISC John F. Mullen, Sr. John

More information

ACCOUNTABLE HEALTHCARE IPA HIPAA PRIVACY AND SECURITY TRAINING. By: Jerry Jackson Compliance and Privacy Officer

ACCOUNTABLE HEALTHCARE IPA HIPAA PRIVACY AND SECURITY TRAINING. By: Jerry Jackson Compliance and Privacy Officer ACCOUNTABLE HEALTHCARE IPA HIPAA PRIVACY AND SECURITY TRAINING By: Jerry Jackson Compliance and Privacy Officer 1 1 Introduction Welcome to Privacy and Security Training course. This course will help you

More information

Trust 9/10/2015. Why Does Privacy and Security Matter? Who Must Comply with HIPAA Rules? HIPAA Breaches, Security Risk Analysis, and Audits

Trust 9/10/2015. Why Does Privacy and Security Matter? Who Must Comply with HIPAA Rules? HIPAA Breaches, Security Risk Analysis, and Audits HIPAA Breaches, Security Risk Analysis, and Audits Derrick Hill Senior Health IT Advisor Kentucky REC Why Does Privacy and Security Matter? Trust Who Must Comply with HIPAA Rules? Covered Entities (CE)

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

6/17/2013 PRESENTED BY: Updates on HIPAA, Data, IT and Security Technology. June 25, 2013

6/17/2013 PRESENTED BY: Updates on HIPAA, Data, IT and Security Technology. June 25, 2013 Updates on HIPAA, Data, IT and Security Technology June 25, 2013 1 The material appearing in this presentation is for informational purposes only and should not be construed as advice of any kind, including,

More information