Cyber Risk Insurance

Underwriting, Claims and Coverage Strategies for Managing Privacy/Security, Data and Network Risk and Liability

Thursday, September 18, 2008

About

Last year saw many new developments and significant growth in the cyber risk insurance arena. New carriers are entering the market and new products, especially in the area of privacy exposures, are proliferating. As privacy and security breaches continue to make headlines – and increase in scope, costs and impact for businesses unlucky enough to experience one – it’s clear cyber risk insurance products are generating keen interest – and plenty of opportunities for growth.

American Conference Institute developed the inaugural Cyber Risk Insurance conference last September in Philadelphia – and the strong response and success of the event led us to develop the sequel, building on issues and developments that have emerged in the past year. This publication is your best opportunity to get the tools you need to evaluate the competition and accurately assess, price and mitigate risk so you can maximize your profitability while minimizing potential liabilities.

Get critical information on:

  • Assessing the true costs of a data breach, including business interruption and lost opportunities
  • Limiting liability for 3rd party acts or omissions
  • Understanding how cyber risk pricing and product is changing so you can take advantage of the opportunities that lie ahead
  • Properly identifying, assessing and underwriting risk – while making sure you avoid hidden traps and pitfalls
  • Using information about where claims are arising and how they are being resolved to underwrite and sell the product more effectively

Contents & Contributors

About

Last year saw many new developments and significant growth in the cyber risk insurance arena. New carriers are entering the market and new products, especially in the area of privacy exposures, are proliferating. As privacy and security breaches continue to make headlines – and increase in scope, costs and impact for businesses unlucky enough to experience one – it’s clear cyber risk insurance products are generating keen interest – and plenty of opportunities for growth.

American Conference Institute developed the inaugural Cyber Risk Insurance conference last September in Philadelphia – and the strong response and success of the event led us to develop the sequel, building on issues and developments that have emerged in the past year. This publication is your best opportunity to get the tools you need to evaluate the competition and accurately assess, price and mitigate risk so you can maximize your profitability while minimizing potential liabilities.

Get critical information on:

  • Assessing the true costs of a data breach, including business interruption and lost opportunities
  • Limiting liability for 3rd party acts or omissions
  • Understanding how cyber risk pricing and product is changing so you can take advantage of the opportunities that lie ahead
  • Properly identifying, assessing and underwriting risk – while making sure you avoid hidden traps and pitfalls
  • Using information about where claims are arising and how they are being resolved to underwrite and sell the product more effectively

Contents & Contributors

CYBERRISK MARKET SURVEY 2008: PRIVACY CONCERNS AND COVERAGE DRIVE STRONG INTEREST
Richard S. Betterley, CMC, Betterley Risk Consultants, Inc. (Sterling, MA)

NETWORK SECURITY RISK ASSESSMENT TO PROPERLY EVALUATE AND UNDERWRITE RISK
Mark Greisiger, Net Diligence (Philadelphia, PA)
Oliver Brew, Hiscox USA (New York, NY)

THE RISKS OF NON-COMPLIANCE: CURRENT TRENDS IN FTC PRIVACY AND SECURITY LAW ENFORCEMEN
Thomas A. Cohn, Venable LLP (New York, NY)

CYBER RISKS – WHAT POLICYHOLDERS ARE – OR SHOULD BE – LOOKING FOR
Peter Foster, E&O Cyber Risks, Willis (Boston, MA)
George N. Allport, Chubb Specialty Insurance (Warren, NJ)

NETWORK BREACH DAMAGES: FACT VS. FICTION
Adam Sills, Darwin Professional Underwriters, Inc. (Farmington, CT)
Scott R. Ellis, RGL - Forensic Accountants and Consultants (Chicago, IL)

LESSONS LEARNED FROM CLAIMS MADE UNDER CYBER RISK POLICIES
Lori Nugent, Cozen O’Connor (Chicago, IL)



DOCUMENT TYPES: PDF PPT PRESENTATIONS AVAILABLE: 7

8:00
Registration Desk Opens and Continental Breakfast Served
9:00
Co-Chairs' Opening Remarks
Mr. Nicholas Economidis
Specialty Lines
Beazley Group
Robert A. Parisi, Jr.
Managing Director, National Cyber Risk Practice Leader
Marsh
9:15
State of the Market‚ New Exposures and Coverages: What's New and What Lies Ahead
Mr. Nicholas Economidis
Specialty Lines
Beazley Group
Mr. Toby Merrill
Vice President‚ Professional Risk
ACE USA
Mr. Mark Silvestri
Global Specialty Lines Underwriter
CNA
Mr. Eric Michaels
Assistant Vice President‚ Professional Liability Division
AIG
Mr. Richard S. Betterley
President
Betterley Risk Consultants‚ Inc.
1 file
Betterley.R.1a
1.6 MB 74 pages Presentation
PDF - Betterley.R.1a
10:30
Coffee Break
10:45
Making the Technology/Network Security Risk Assessment to Properly Evaluate and Underwrite Risk
Mr. Mark Greisiger

NetDiligence
Mr. Oliver Brew
Vice President, Specialty Casualty
Liberty International
1 file
Greisiger.Brew.1a.UPDATED
3 MB 50 pages Presentation
PPT - Greisiger.Brew.1a.UPDATED
12:00
Contractual Compliance: Using PCI Standards To Assess‚ Benchmark and Manage Risk
Mr. Mark Greisiger

NetDiligence
Mr. Jon A. Neiditz
Partner
Nelson Mullins Riley & Scarborough LLP
12:45
Networking Luncheon for Delegates and Speakers
14:00
State Public Notification Requirements: Making Sense of Conflicting Priorities in the Event of a Breach - While Minimizing Costs and Risks
Mr. Mark Greisiger

NetDiligence
Mr. Jon A. Neiditz
Partner
Nelson Mullins Riley & Scarborough LLP
1 file
Neiditz.J.1a
961.4 KB 34 pages Presentation
PDF - Neiditz.J.1a
15:00
Afternoon Refreshment Break
15:15
Recent Litigation Over Privacy/Security Breaches, Identity Theft and Data Loss:Lessons for Cyber Risk Coverage and Claims Going Forward
Carl E. Metzger
Partner
Goodwin Procter LLP
16:15
Federal Regulation of Privacy and Security and the Impact on Coverage and Litigation
Mr. Thomas Cohn
Partner
LeClair Ryan
1 file
Cohn.T.Updated
3 MB 52 pages Presentation
PPT - Cohn.T.Updated
17:15
Day One Concludes
8:00
Continental Breakfast
8:30
Chairs' Opening Remarks
8:45
Pricing‚ Marketing and Selling Cyber Risk Coverage
Robert A. Parisi, Jr.
Managing Director, National Cyber Risk Practice Leader
Marsh
Ms. Emily Freeman
Executive Director‚ Technology Risks‚ Professions
Lockton International
Mr. Michael Lamprecht
Vice President
Aon Financial Services Group
10:00
Coffee Break
10:15
What Policyholders Are - Or Should Be - Looking For
Mr. Peter Foster
Senior Vice President
Willis
Mr. George N. Allport
Vice President & Financial Product Manger
Chubb Specialty Insurance
1 file
Allport.Foster.1a
860 KB 14 pages Presentation
PPT - Allport.Foster.1a
11:15
Damages: Assessing What a Breach - and Resulting Claim - is Really Worth
Mr. Adam Sills
Vice President
Allied World National Assurance Company
Mr. Scott R Ellis
Manager
RGL - Forensic Accountants & Consultants
1 file
Sills.Ellis.1a
1015 KB 13 pages Presentation
PPT - Sills.Ellis.1a
12:15
Using Lessons Learned from Claims Made Under Cyber Risk Policies in Future Underwriting and Product Development
Ms. Lori S Nugent
Chair‚ Enterprise Risks
Cozen O'Connor
1 file
Nugent.L.1a
543.5 KB 12 pages Presentation
PPT - Nugent.L.1a
13:00
Q&A Wrap-Up and Conference Concludes