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CMW Cyber Liability Presentation
This document discusses cyber risks and cyber liability insurance. It summarizes that many major companies have experienced data breaches in recent years. It outlines common cyber risks like computer intrusions, loss of physical devices, and social media issues. It recommends basic loss control techniques and identifies what cyber liability insurance can cover, such as first and third party losses from network security breaches, privacy breaches, and internet media liability. Coverage limits start at $100,000 with premiums as low as $250.
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CMW Cyber Liability Presentation
- 1. Cyber Liability Provided by:Sean Graham, Client Executive
- 2. 2 CMW Agenda • Understandthe Risks • Privacy Laws Developing • Currently in the Courts • Types of Risks • Identify and Manage Risks • Basic Loss Control Techniques • Cyber Risk Coverage
- 3. 3 CMW Understand theRisks • Kroger Co. • Home Depot Canada • Best Buy Canada • AbeBooks • Barclays Bank • Capital One What do all these companies and institutions have in common? They have all been victims of data breach between 2012-2014.
- 4. 4 CMW Understand theRisks • Millions of stolen records containing personal information Social insurance numbers Credit card numbers Bank account numbers If your Organization handles employees or customers’ personal data, intellectual property or proprietary corporate data, you are at risk.
- 5. 5 CMW Understand theRisks • Common assumption that smaller businesses are not targets of cyber crime • 40% of data breaches were small to mid-sized businesses (Symantec SMB Threat Awareness Poll Global Results)
- 6. 6 CMW Privacy LawsDeveloping • New Alberta law requires notification to government and each person affected • BC law on the horizon • Cost of informing ~$10-20 per record
- 7. 7 CMW Currently inthe Courts • Evans v. Scotia, 2014 ONSC2135 Class action certified alleging employee stole 643 customer information files, resulting in 138 cases of fraud • Condon v. Canada, 2014 FC250 Class action certified, alleging lost drive with 583,000 individuals information, including name, SIN, DOB Defense costs in such cases are often higher than the settlements.
- 8. 8 CMW Types ofRisks • Viruses • Worms • Trojan horses • Logic bombs • Denial of Service (DoS) and Distributed Denial of Service (DDoS) • Spyware • Data breach • Phishing • Spam Computer Intrusions
- 9. 9 CMW Types ofRisks • Internal sources such as disgruntled employee with knowledge of computer systems • External sources such as hacker looking to steal/destroy a company’s intangible assets Computer Intrusions
- 10. 10 CMW Types ofRisks • Loss of physical devices considered cyber breaches if containing private records/proprietary information Smartphones Laptops USB drives Physical Devices
- 11. 11 CMW Types ofRisks • Your company is responsible for content posted on social media • Employee posts using your name apply Social Media
- 12. 12 CMW Identify andManage Risks • Identify the sensitive data you store Customer (financial information, contact information, purchase history, buying habits) Employee (payroll files, bank information, social insurance numbers, home addresses and phone numbers, work and personal e-mails) Business (financial records, marketing plans, product designs and tax information) Limiting Intrusions
- 13. 13 CMW Identify andManage Risks • Identify where data is stored Data most at risk when on the move • Identify who accesses your data Only provide access to those who require it • Publish only appropriate information Company websites among first places cyber criminals look for data Limiting Intrusions
- 14. 14 CMW Basic LossControl Techniques • Install a firewall for your network • Encrypt data • Install anti-virus, anti-malware and anti-spyware software • Implement an employee password policy • Back up data regularly • Develop a business continuity plan • Develop privacy, password, internet usage, social media policies
- 15. 15 CMW Basic LossControl Techniques • Secure company facilities • Minimize and safeguard printed materials with sensitive information Procedures to limit quantity printed • Dispose of trash securely • Dispose of electronic equipment securely • Train employees in facility security procedures
- 16. 16 CMW Cyber RiskCoverage • Data is not tangible property • Triggered by named perils - not virus or hacking • Requires “direct” physical loss • Breach privacy due to hacking or other “non-publication” related disclosure • Damage to others’ intangible property • Related non-advertising intellectual property infringement (except patent or trade secret) • Websites with editorial content (i.e. medical advice, white papers, blogs) falling outside definition of advertisement What’s Not Covered in CGL
- 17. 17 CMW Cyber RiskCoverage • First and third party losses resulting from: Network security breach i.e. computer virus downloaded or accidentally transmitted to customer Privacy breach caused by misplaced laptop, hard copy file, etc. Internet Media Liability arising from content posted on website or electronically elsewhere Risks that Trigger Coverage
- 18. 18 CMW Cyber RiskCoverage • Access to data risk management services providers • Defense costs, including forensic investigation costs • Voluntary notification cost • Public relations expense - repair reputation • All reasonable and necessary expenses arising out of a credible extortion demand • Damage from extortion covered by other insuring agreements • Coverage limits starting at $100,000 as low as $250 premium Common Coverages
- 19. 19 CMW Take thenext step to learn more. Contact Sean Graham, Client Executive at CMW Insurance Ltd, to learn more and custom fit a Cyber Risk Solution for your organization today. Call: 604-484-3707 Email: sgraham@cmwinsurance.com Web: www.cmwinsurance.com Cyber Liability Insurance is inexpensive effective coverage, with annual premiums starting as low as $250.