The Fundamentals of Cyber and Data Risk Coverage

March 23, 2015 7:10am

Suhey Nevarez Esq.
Counsel, Professional Risk – E&O/Cyber

T. Thomas Kang CIPP/US
Cyber Product Manager
Hartford Financial Products

Kelli Artin
Vice President Professional, Privacy and Technology Liability
Liberty International Underwriters

David J. Rock Esq.
Assistant Vice President, Errors and Omissions Claims
Allied World Insurance Company

Gregg C. Rentko CPCU, AU, MSIM
Second Vice President, Brokerage-Professional
Western World Insurance

Mario G. Paez RPLU
Vice President Professional Risk Group
Wells Fargo Insurance Services USA, Inc.

  • What is cyber insurance? And why isn’t my current insurance enough?
    • Why traditional insurance policies such as CGL don’t work
    • Why your current property insurance may not cover the direct costs of the data breach
  • How cyber and data risk insurance really works
    • Basics of cyber insurance policies
      • What should they expect to see (first and third party coverages)
      • What common limitations/exclusions are found
  • Understanding the language used in the policies to better communicate to your clients
    • Key provisions to look for (coverage, definitions and exclusions)
  • Overview on guidance from claim to post-breach costs
    • Types of damages a company may face – direct and indirect
    • Differences in costs, loss mitigation, etc. when a plan is in place to handle a breach event versus no plan
  • Answers to your basic coverage questions: Why this coverage is important, even if you are not selling anything over the internet or actively collecting data over the internet
  • Coverage options, claim trends and evaluating risk
  • Pricing and selling and what policyholders should now be looking for in a policy