Cyber Risk Insurance Policies: Is Your Company Covered?
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Many companies go to considerable lengths to prevent cyber crime. For example, they may use anti-virus software, firewalls, encryption, and passwords to protect sensitive data. In spite of these efforts, cyber crime is on the rise. Indeed, we have all heard the stories about denial of service attacks shutting down online retailers and hackers stealing millions of consumers’ credit card numbers, social security numbers and other sensitive private information. Moreover, the costs of responding to cyber crime can be staggering.
Thus, more companies are considering whether they should purchase insurance as another weapon in their anti-cyber crime arsenal. This course will provide a useful overview of cyber risk insurance, including what types of risks may be insured. We will review key policy terms and exclusions you should be aware of and explain the underwriting process and the state of the cyber risk market.
AuthorsDavid T. Case, K&L Gates LLP
Julie Reynolds Johnson, K&L Gates LLP
Why Consider Cyber Risk Insurance?
- Increase in Cyber Attacks and Resulting Costs
- Federal and State Laws Regulating Privacy of Data
- Cgl and Property Policies May Exclude Coverage for Cyber Risks
What Types of Risks Do Companies Face?
- Business Interruption, Denial of Service, Cyber Terrorism
- Privacy Breach
- Media Liability
What Do Cyber Risk Policies Cover?
- Terms Vary Widely
- First-Party Loss Includes Damage or Loss of Data, Business Interruption, Notification Costs, and Crisis Management
- Third-Party Loss Includes Theft or Exposure of Sensitive Personal Information, Copyright Infringement, and Libel
Review Proposed Coverage
- Key Definitions
Procuring Cyber Risk Insurance
- Which Insurers Are in the Market?
- Underwriting Process