PROGRAM OVERVIEW

Just when you thought computer network breaches couldn’t get any worse, news of the massive Sony Pictures Entertainment Inc. hack raised concerns beyond the privacy and data liability issues seen in other recent high-profile cyber-attacks.  It was a nightmare as far as data breaches go, with political, nationalistic, proprietary property theft, reputational and employment implications.

The good news is that there are options in the cyber insurance market and businesses can shop not only on the basis of price but for policy terms that cover their actual risks.  Traditional lines of coverage, including crime, property, general liability and D&O, can also provide significant coverage when a breach occurs — though new exclusions are pushing more businesses toward specialty policies. In this rapidly evolving market, it’s essential to analyze both existing coverage and the terms offered in competing cyber insurance policies.

This session will spotlight key policy provisions to insist on and others to avoid. We will also step back and view cyber insurance in the full risk management context, including prevention and the post-breach planning that properly designed insurance coverage will fund. We will outline an approach to cyber security that focuses as much on human factors — building staff awareness and the right protocols — as on technological factors.