Handling of the PCI and Payment Card-Type Breaches

November 30, 2016 2:15pm

Mickey Estey
Senior Vice President
RT Specialty

Randal L. Gainer
Baker & Hostetler LLP

Scott Godes
Barnes & Thornburg LLP

Mark A. Smith
Director – Professional Services Group
Swett & Crawford

  • P.F. Chang’s China Bistro Inc. v. Federal Insurance Co.
    • What’s the difference between PCI fines and assessments?
    • What happens when card brands fine by withholding reimbursement? What happens when card brands ask clients to pay back for the cost of reissuance of cards to customers? How do these costs break down?
    • How should clients try to protect themselves against potential fines and assessments? How should they react and whom can/ should they contact for help?
    • How does insurance work with fines and assessments?
  • Eustis Insurance Co.’s third-party complaint against R-T Specialty, Inc.
  • How are payment card-type breaches to be covered? Should it be sub-limited?; Should full limits be offered?; What about the policy language? Are insurance companies providing the right language to make sure that companies are covered properly?
  • How can retailers make certain that their cyber insurance or any insurance pays for losses after a payment card breach?