This is the second in a series of two webinars designed to provide an overview of what cyber insurance coverage is, how it works and how to procure it. It is essential knowledge for IT professionals, risk managers, general and outside counsel, and executives and directors.
Cyber crime, cyber attacks, cyber security are all buzzwords at the forefront of discussions by information technology professionals, risk managers and even the executive leadership. One more cyber idea should be added: cyber insurance.
Businesses insure against crime, liability for accidents, loss of their property, and the interruption of their business. Each of those coverages is based on a reasoned analysis that the company cannot afford the loss, with the recognition that under every policy some things are excluded. Cyber risks pose new and expensive liabilities, can damage computers, software and even a company’s operational assets (through the so-called Internet of Things), and shut down a business—and, absent the intentional procurement of coverage, are very likely substantially excluded from a company’s usual coverages.
This program moves beyond insurance basics and discusses key topics that are relevant to the purchase of cyber coverage, including the following:
•The cyber policy application, including how the DOE Cybersecurity Capabilities Maturity Model (C2M2) or the NIST Cybersecurity Framework may assist
•The underwriting process: cyber security and insurance are converging to address a dynamic risk environment
•The War and Terrorism Exclusions: don’t let these exclusions wipe out your coverage
•Law enforcement: the possible conflict between policy requirements and instruction from the FBI
•The Sony and Ukraine attacks: these high-profile examples show cyber risk is not just about data security and privacy liability
•J. Wylie Donald, Esq., Partner, Insurance Recovery Practice Group, McCarter & English LLP, Washington, D.C.
•Jennifer Black Strutt, Esq., Associate, Insurance Recovery Practice Group, McCarter & English LLP, Stamford, Conn.
•Ben Beeson, Vice President of Cyber Security and Privacy, Lockton Companies, Washington, D.C.