cyber security insurance dispelling the myths
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Cyber Liability Insurance:
Reg Harnish, CISSP, CISM, CISA Chief Security Strategist
GreyCastle Security
Steve Lobel Vice President
Anchor Agency
October 17, 2013
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1,200
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Introduction
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Cybercrime Today
- PresenterPresentation Noteshttp://www.risksa.com/enterprise-risk-management/companies-are-complacent-about-cybercrime-%E2%80%93-report
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Major Trends 1. Increasing business complexity 2. Increasing criminal motivation 3. Increasing availability of weaponized software
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Whats your likelihood of compromise?
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Case Studies
- PresenterPresentation Noteshttp://www.courthousenews.com/2012/06/01/47017.htmhttp://poststar.com/news/local/secret-service-investigating-credit-breach-at-five-guys-restaurants/article_fdd6ef14-af5d-11e1-b21f-0019bb2963f4.htmlhttp://www.timesunion.com/business/article/Credit-breach-at-Five-Guys-hits-other-cards-3608732.phphttp://www.google.com/url?sa=i&rct=j&q=five+guys+logo&source=images&cd=&cad=rja&docid=FNi47jPuHWyDtM&tbnid=V3qv5FPaLuiErM:&ved=0CAUQjRw&url=http://www.mikesroadtrip.com/five-guys-vs-in-n-out/five-guys-logo/&ei=g7JEUY3ZMoW29QSc8IHoDw&bvm=bv.43828540,d.dmg&psig=AFQjCNGfurvjWPJ-MJUIotmfx3S-iulKyg&ust=1363543031742878
- PresenterPresentation Noteshttp://www.youtube.com/watch?v=KaAyshtejmIhttp://wnyt.com/article/stories/S2581058.shtml?cat%3D300http://www.bizjournals.com/albany/news/2012/04/13/desmond-hotel-warns-guests-credit-card.htmlhttp://www.google.com/url?sa=i&rct=j&q=the+desmond+hotel+logo&source=images&cd=&cad=rja&docid=P5wJWYtfGnKm6M&tbnid=1YlIK1IFlSNbhM:&ved=0CAUQjRw&url=http://www.prweb.com/releases/2012/4/prweb9437365.htm&ei=jLNEUZqnOYjI9QTX-ID4CQ&bvm=bv.43828540,d.dmg&psig=AFQjCNGtX-NFM0w-PIG39deTjeQ0XsW-RQ&ust=1363543306554620
- PresenterPresentation Noteshttp://www.bizjournals.com/albany/blog/2013/03/trial-on-tap-in-albany-phone-hacking.html?page=allhttp://www.timesunion.com/business/article/Tech-Valley-hacking-case-becomes-personal-4018019.phphttp://www.google.com/url?sa=i&rct=j&q=american+energy+care+logo&source=images&cd=&cad=rja&docid=pHiQFxuZ9Cfa0M&tbnid=SjdhC2Dk5FqugM:&ved=0CAUQjRw&url=http://www.cdbasketball.com/page/2012-playoff-scenarios-unveiled/&ei=m4mrUfnrH-jx0wG_zYH4Ag&bvm=bv.47244034,d.dmQ&psig=AFQjCNFl6J7-PTw2qwccHzLU1pj9CU07_Q&ust=1370282745108808
- PresenterPresentation Noteshttp://www.timesunion.com/local/article/Lawsuit-filed-against-hospital-over-records-breach-4446259.phphttp://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=2AIj1ffoCRkEJM&tbnid=f3y3CEapIxWsyM:&ved=0CAUQjRw&url=http://creatinghealthyplaces.wordpress.com/about-the-glens-falls-hospital-program/&ei=e51VUvKlHdL_4AOvxoDIDg&bvm=bv.53760139,d.dmg&psig=AFQjCNFjutQujyxfkKRkwYbCthttzz-QrQ&ust=1381428971222071
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What is Cyber Liability Insurance?
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Network Security and Privacy Insurance
New Age Exposure
Presentation by RF Ougheltree & Associates, LLC
PresenterPresentation Notes -
Network Security & Privacy Insurance Many forms and Labels
ClickStream Internet Liability-Hudson Convergence-Navigators TechVantage- C N A Cyber Choice -Hartford MicroTek-United States Liability NetAdvantage/CyberEdge -AIG CyberSecurity-Chubb DigitalRisk-ACE Technet-Axis AFB Media Tech-Beazley Information Security & Privacy-Beazley Technology Protection-Hiscox NetGuard-NAS- Lloyds NetProtect360-C N A
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Network Security and Privacy Insurance
Product Differentiation-Scope of Coverage Cyber lite: protect employee (Identity Theft Expense) [ under $500 or undisclosed premium (throw in] protect company ( personal identity events only) [$450 to 3,500) Cyber extra: protect company (company and personal data for privacy and security perils) [$3,500-$12,000] Cyber special edition: protect company ( company and personal data for privacy and security perils) Full 1st and 3rd party coverage [$12,000 + ]
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Network Security and Privacy Insurance
Product formats
Endorsements to other lines (D&O, E&O, EPL) Mono line (stand alone) [Coverage Modules] Multiple line Management Liability package (D&O +,
E&O +, EPL +)
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Network Security and Privacy Insurance
Claims Handling
1. 24/7 access to a call center for claim reporting and guidance 2. An attorney contacts the insured to help with the selection of a lawyer with expertise on applicable
laws and regulations and, if needed, a forensic expert able to investigate and report on the scope of the breach. An action plan is drawn up.
3. The insured, with advice from legal counsel and continuing guidance from a breach coach decides whether and to what extent notification is required. If notification is required, a notification
service provider is chosen to mail out notifications in line with applicable regulations. 4. The insured and attorney approve notification letters for mailing and a call center service provider is selected. Q&A scripts for call center employees are prepared. 5. The notification service provider sends letters, which include an offer of either a credit monitoring or identity monitoring package to affected individuals. 6. Individuals who are potentially affected by the breach receive letters and may enroll in the monitoring
services. Credit monitoring enrollment is either online or offline through the call center. Those enrolled are also eligible for identity theft resolution or fraud support services should
they become a victim of identity theft or fraud caused by a covered breach. 7. The insured receives reports on the progress of the mailing and credit monitoring enrollment for
continuous monitoring of the event. The Breach Response Team maintains close contact with the insured and the service providers throughout the process to ensure the breach is handled as effectively as possible.
PresenterPresentation Notes -
Understanding Cyber Liability Coverage
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Final Thoughts 1. All businesses are vulnerable AND CAN BE
COMPROMISED 2. Cyber liability insurance is an absolute
must in todays risky environment 3. Cyber liability insurance does not replace
your cybersecurity program
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Final Thoughts 4. Like cybersecurity, cyber liability insurance
requires experts that understand your business and risks
5. Crossing your fingers is not a strategy
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Everybody has a plan until they get punched in the face. - Mike Tyson
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GreyCastle Security (518) 274-SAFE www.greycastlesecurity.com Anchor Agency (518) 458-8908 www.anchoragency.com
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