Information Liability
It has many names – Privacy Insurance, Cyber Liability, E-Commerce Risk Insurance…
As businesses of all types increase their reliance on information and networks, while assuming responsibility for their customers’ data, they face increased exposure to computer attacks, viruses and security breaches.
Are you exposed? What are the ramifications of a breach?
Here’s a quick assessment -
This liability exposure applies to those who:
- Are entrusted with sensitive data by others (think clients, customers, patients, employees)
- Collect or are in possession of credit information, trade secrets and or proprietary information of others
- Export data in the course of their operations – thus exposed to the inherent risk of electronic virus transmission
- Are concerned about denial of service attacks or security breaches that impact customers economically
- Are concerned about theft of others' trade secrets from breaches or rogue employees
If any of these apply to you, then come learn more from two industry experts about your potential exposures and strategies to reduce your risk.
June 16th
8:00am to 9:00am
Studley Conference Room, Carmel Valley
Speakers:
Louis Filaccio, VP Technology/e-Business Underwriting, CNA Insurance
Jefferi Hamilton, Managing Trial Attorney, Law Offices of Jefferi Hamilton
Space is limited – register early via email to ccorporales@wateridge.com
Data Breach Cost Considerations
Are you concerned about your own costs to restore your network caused by a virus, denial of service attack, breach or extortion event? In addition to covering your own loss and defense costs, there are remediation costs to consider as well…
Information Liability policies typically provide coverage for:
- Costs to remedy a privacy compliance deficiency
- Costs to notify those impacted by a breach
- Costs to procure credit monitoring services
- Costs to restore reputation
- Defense of a proceeding brought by a privacy regulator, including remediation
- Privacy Injury Liability - private actions due to privacy rights violations, including emotional distress
- Network Security Liability - financial loss due to an infection of others' network caused by the Insured
- Content Injury Liability - covers all forms of electronic media that may cause a personal injury or infringement
- Network Extortion - pays for an extortionists demands to prevent a network loss or execution of a threat
- Network Damage - pays for the restoration costs of your network to pre-loss conditions due to an exploit
- Business Interruption/Extra Expense - pays for lost online and offline income caused by a network dependent exploit and extra expense to mitigate the loss
- Pre-Claim Assistance - resources prior to a claim being commenced in an effort to mitigate loss and hopefully avoid the claim or be in the best position to handle it effectively should a claim be submitted.
