CyberCoverage Understanding The Internet  Risks and Solutions
What is Technology? <ul><li>Lights (flick of a switch) </li></ul><ul><li>Water (turn on faucet) </li></ul><ul><li>Indoor T...
Information Transmission <ul><li>Wired - physical connections </li></ul><ul><li>Wireless  </li></ul><ul><ul><li>circuit sw...
Information Storage <ul><li>Servers (Private, Hosted) </li></ul><ul><li>Laptops </li></ul><ul><li>Mobile Phones </li></ul>...
Process <ul><li>Applications </li></ul><ul><ul><li>Personal Data? </li></ul></ul><ul><ul><li>Financial Data? </li></ul></u...
Liability Exposures <ul><li>Libel </li></ul><ul><li>Intellectual Property Infringement </li></ul><ul><li>Privacy </li></ul...
Property Exposures <ul><li>Equipment failure or breakdown </li></ul><ul><li>Data loss or corruption of data </li></ul><ul>...
Media Related Risks <ul><li>Libel, defamation, product or service disparagement </li></ul><ul><li>IP infringement claims -...
Technology Related Risks <ul><li>Errors & Omissions </li></ul><ul><ul><li>Financial loss incurred by licensee resulting fr...
eBusiness Risks <ul><li>First Party claims arising from equipment loss or damage </li></ul><ul><li>Loss or corruption of d...
eBusiness Risks <ul><li>Liability Claims arising from eBusiness activity include: </li></ul><ul><ul><li>Loss or corruption...
Solutions <ul><li>Coverage for the following “first party” risks that are NOT COVERED by Traditional Insurance Policies: <...
Solutions <ul><li>Coverage for the following “third party” risks that are NOT COVERED by Traditional Insurance Policies: <...
Insurance Policy Solutions <ul><li>Specialty policies </li></ul><ul><li>Policy endorsements  </li></ul><ul><li>Internet On...
Policy Considerations <ul><li>“ Duty to defend” vs. “duty to pay all defense costs” </li></ul><ul><li>Hammer clauses </li>...
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CyberCoverage basics

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CyberCoverage basics

  1. 1. CyberCoverage Understanding The Internet Risks and Solutions
  2. 2. What is Technology? <ul><li>Lights (flick of a switch) </li></ul><ul><li>Water (turn on faucet) </li></ul><ul><li>Indoor Temperature (set thermostat) </li></ul><ul><li>Find Information (Google) </li></ul><ul><li>Communicate (voice, text) </li></ul>
  3. 3. Information Transmission <ul><li>Wired - physical connections </li></ul><ul><li>Wireless </li></ul><ul><ul><li>circuit switching (public telephone network) </li></ul></ul><ul><ul><li>packet switching (cell phone network) </li></ul></ul><ul><li>Technium (Kevin Kelly) </li></ul>
  4. 4. Information Storage <ul><li>Servers (Private, Hosted) </li></ul><ul><li>Laptops </li></ul><ul><li>Mobile Phones </li></ul><ul><li>Information Warehouses </li></ul><ul><li>Cloud </li></ul>
  5. 5. Process <ul><li>Applications </li></ul><ul><ul><li>Personal Data? </li></ul></ul><ul><ul><li>Financial Data? </li></ul></ul><ul><ul><li>Privileged Data? </li></ul></ul>
  6. 6. Liability Exposures <ul><li>Libel </li></ul><ul><li>Intellectual Property Infringement </li></ul><ul><li>Privacy </li></ul><ul><li>Errors & Omissions </li></ul><ul><li>Application Failure </li></ul><ul><li>Breach of Security </li></ul>
  7. 7. Property Exposures <ul><li>Equipment failure or breakdown </li></ul><ul><li>Data loss or corruption of data </li></ul><ul><li>Application failure </li></ul><ul><li>Virus, malicious software, or malware </li></ul><ul><li>Business interruption or delays </li></ul><ul><li>Crime - such as Cyber-extortion or denial of service attacks </li></ul>
  8. 8. Media Related Risks <ul><li>Libel, defamation, product or service disparagement </li></ul><ul><li>IP infringement claims - copyright, trademark, trade secret, patent, etc. </li></ul><ul><li>Unlawful misappropriation or unauthorized use claims </li></ul><ul><li>Privacy claims </li></ul>
  9. 9. Technology Related Risks <ul><li>Errors & Omissions </li></ul><ul><ul><li>Financial loss incurred by licensee resulting from failure to provide service </li></ul></ul><ul><ul><li>Personal Injury risks arising from failure of IT services including failure to protect personal or privileged data, identity theft, etc. </li></ul></ul><ul><li>Product Failure </li></ul><ul><ul><li>“ Software Glitches” causing financial loss to licensee </li></ul></ul><ul><ul><li>Personal Injury risks arising from failure of certain products (security related) to protect personal or privileged data, identity theft, etc. </li></ul></ul>
  10. 10. eBusiness Risks <ul><li>First Party claims arising from equipment loss or damage </li></ul><ul><li>Loss or corruption of data or software </li></ul><ul><li>Virus, or malicious software </li></ul><ul><li>Business Interruption </li></ul><ul><li>Restoration Costs </li></ul><ul><li>Reputation Damages </li></ul>
  11. 11. eBusiness Risks <ul><li>Liability Claims arising from eBusiness activity include: </li></ul><ul><ul><li>Loss or corruption of client data </li></ul></ul><ul><ul><li>IP Infringement </li></ul></ul><ul><ul><li>Misappropriation, Unauthorized use (information gathering process not covered by CGL) </li></ul></ul><ul><ul><li>Libel, Defamation, Product/Service Disparagement </li></ul></ul><ul><ul><li>“ Personal Injury” claims including failure to protect private or privileged information </li></ul></ul>
  12. 12. Solutions <ul><li>Coverage for the following “first party” risks that are NOT COVERED by Traditional Insurance Policies: </li></ul><ul><ul><li>Loss or corruption of software or data </li></ul></ul><ul><ul><li>Loss from Denial of Service attack or other malicious software </li></ul></ul><ul><ul><li>Cybercrime - including extortion </li></ul></ul><ul><ul><li>Business interruption - coverage for restoration and expediting costs </li></ul></ul>
  13. 13. Solutions <ul><li>Coverage for the following “third party” risks that are NOT COVERED by Traditional Insurance Policies: </li></ul><ul><ul><li>Pure financial loss (without BI or PD - CGL excludes coverage) </li></ul></ul><ul><ul><li>IP Infringement </li></ul></ul><ul><ul><li>Loss or corruption of stored client data </li></ul></ul><ul><ul><li>Identity theft </li></ul></ul><ul><ul><li>Personal Injury - including failure to protect privacy </li></ul></ul>
  14. 14. Insurance Policy Solutions <ul><li>Specialty policies </li></ul><ul><li>Policy endorsements </li></ul><ul><li>Internet Only Forms </li></ul><ul><li>Internet combined with other coverage </li></ul>
  15. 15. Policy Considerations <ul><li>“ Duty to defend” vs. “duty to pay all defense costs” </li></ul><ul><li>Hammer clauses </li></ul><ul><li>Choice of legal counsel offered? </li></ul><ul><li>Definitions (“claim”, “damages”, “loss” </li></ul><ul><li>Other conditions </li></ul><ul><li>Exclusions? </li></ul>
  16. 16. Thank you Questions?

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