CYBER INSURANCE
NO COMPANY IS IMMUNE
Three Elements To Consider About Cyber Insurance
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Risk Mitigation – How to reduce the odds or severity of something happening
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Risk Transfer – How to contractually shift a portion of our risk to someone else
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Response / Recovery – After an incident has occurred, what are the options available and next course of action


How Do Incidents Occur?
External Threats
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Hackers
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Viruses
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Social Media
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Third-Party Vendors – exposure of protected data resulting from the breach of a third party, such as cloud or payroll providers.
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Changing Regulatory Environment – New laws and regulations are introduced causing additional regulatory exposure
Internal Threats
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Rogue Employees
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Human Error
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Mobile Devices

What is covered?
First Party
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Incident Response – from an actual or suspected cyber event
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Business Interruption – loss of net profit and continuing operating expenses
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Data and System Recovery – increased cost of work, data recovery costs, additional business interruption mitigation
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Cyber Extortion – extortion payments and negotiation
Thirty Party
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Privacy and Network Security Liability – liability following data breach or failure of network security:
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PCI DSS Contractual Fines and Penalties
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Consumer Redress Fund
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Regulatory Fines and Penalties (where legally insurable) – GDPR
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Media Liability – liability following defamation or infringement online
The Highlights
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Contingent Business Interruption – for outsourced technology providers
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System Failure Triggers – human error, programming errors, power failure