Cyber Liability Insurance
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Cyber liability training course delivered on behalf of the California Surplus Lines Association in May 2013 in San Francisco and Los Angeles.
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Cyber Liability Insurance
- 1. Cyber Liability Graeme Newman, CFC Underwriting
- 2. “The Internet? We’re not interested.” Bill Gates, Microsoft Founder, 1993
- 3. Percentage of Americans who are online Average number of hours spent online each day Number of years it took the Internet to reach 50 million users. It took radio 38 and television 13. 78% 4+ 4 Percentage of the world’s population now using Facebook 16% Number of US married couples who met online1 in 8
- 5. 10 Things the Internet Has Killed or Ruined… 7. Nigeria’s Reputation PCWorld.com
- 9. File storage through time… The 1950s… =1GB of information
- 10. The 1970s… =2GB of information
- 11. Today… =64GB of information (or 5,000 filing cabinets)
- 12. Ronnie Biggs The Great Train Robbery, 1963
- 13. Albert Gonzales Heartland Hack, 2007
- 20. • Pure play internet business models • Privacy related regulations • High fraud / crime risk • Large customer bases • Storage of very sensitive data • High profile targets • Blended online / offline • Storage of sensitive data • Highly connected • Heavy reliance upon systems • Incidental exposure • Brochure websites • Office-based • Sensitive data Social Networks Banks Hospitals Gambling Travel Agents Universities / CollegesRetailers Movie Theaters Charities Accountants Recruitment Consultants Logisitics ManufacturingLawyers Insurance Agents High Risk Medium Risk Low Risk Payment Processors Energy / Utility Companies Hotels Restaurants Medical Clinics Public Entities Financial Advisors Airlines MSP / ASP / ISP IT Consultants DistributionArchitects Engineers
- 21. Quiz
- 24. “All animals are equal, but some are more equal than others.” George Orwell, Animal Farm cyber policies
- 25. • Privacy liability • Virus / hacking liability (cyber liability) • IP infringement / defamation (media liability) • Content liability / Errors & Omissions • Privacy breach notification • System damage • Business interruption • Cyber crime • Brand protection / crisis management Third party liability First party loss
- 26. Virus / hacking (cyber) liability Extends to cover contractors, vendors and hosting providers Covers a computer virus “in the wild”, not just specific Avoid “other insurance” provisions
- 27. Privacy Liability Avoid sub-limits for regulatory actions Full worldwide jurisdictional cover No contractual liability exclusion Avoid hard-coded definitions of PII or sensitive data Include cover for fines and penalties (where insurable)
- 28. Privacy breach notification Full voluntary breach notification Separate limit available for breach notification 24/7 expert claims response Coverage for credit monitoring, forensic consultants, call cente Type of breach covered: paper / electronic, fault / no-fault
- 29. Multimedia liability Ensure not restricted to just the insured’s website and email Cover for social media liability and “corporate” blogging Cover for digital content, regardless of distribution channel Seek cover on an “all risks” basis (except patent)
- 30. System damage “All risks basis” not just named perils Avoid “security breach” trigger Include staff overtime and additional cost of working No exclusion for lack of risk management Extends to cover perils at an outsourced or cloud provider
- 31. Business interruption Financial retention v time retention Scope of perils covered Extends to cover perils at an outsourced or cloud provider At least a three month indemnity period Coverage for contingent loss of future sales
- 32. Business interruption Time Revenue Security Breach Indemnity Period (max 3 months) Contingent Period (max 12 months) Direct Loss Reputational Loss Wait period
- 33. Cyber crime Employee crime or third party crime Cover for cyber threats and extortion Third party theft of electronic funds Cover for telephone hacking Cover for phishing scams
- 34. Other key considerations Retroactive date and cover for prior acts “Pay on behalf of” v “Reimbursement” language War and terrorism exclusions Extent of encryption warranties Risk management conditions
- 35. Future trends
- 38. Quiz
- 41. Denial of Service: Hotel
- 43. Quiz
- 45. CFC Underwriting Ltd. 85 Gracechurch St London EC3V 0AA +44 (0) 207 220 8500 enquiries@cfcunderwriting.com www.cfcunderwriting.com www.technologyinsuranceblog.com www.mediainsuranceblog.com www.twitter.com/cfcunderwriting www.linkedin.com/company/cfc-underwriting-ltd. Contact us