February | 2012 | Corporate Insurance Blog

Monthly Archives: February 2012

Join me for the IRMI Cyber & Privacy Risk Conference.

Posted on February 28, 2012 by Scott Godes One comment

IRMI Cyber & Privacy Risk Conference. Mark your calendar to join us in Baltimore, MD on May 16-17, 2012.

Noted cybersecurity, homeland and national security expert Richard A. Clarke will deliver the keynote address.

Discussing the last IRMI Cyber & Privacy Risk Conference, IRMI notes:

This past July in San Francisco, 100 risk managers, underwriters, agents and brokers attended the first IRMI Cyber & Privacy Risk Conference.

These industry thought leaders came away with a greatly improved understanding of how to identify, contractually transfer, and insure liability risks arising from the use of technology and the Internet in business. Many networking opportunities were provided to build relationships with leaders in cyber and privacy risk management and insurance.

My session will be:

Wednesday, May 16, 10:45 a.m. – 12:15 p.m.

The Cyber Risk Regulatory and Legal HorizonAs the web of laws and regulatory requirements increases, managing the risks of cyber security becomes even more challenging. On top of the multitude of state laws, the SEC recently released reporting requirements and Congress is set to take up a number of bills during 2012. This workshop will provide an overview the range of laws and regulations in place and explore the new legislative developments affecting cyber insurance and risks, as well as the reporting requirements issued recently by the SEC.

Panelists:

Scott N. Godes, Counsel in the Insurance Coverage Practice, [formerly] Dickstein Shapiro LLP

Jacob Olcott, Principal, Cybersecurity, Good Harbor Consulting, LLC

Tim Stapleton, Assistant Vice President and Professional Liability Product Manager, Zurich North America

Other Panelists To Be Announced

Interested in attending? Then head on over to the RIMS 2012 website to register.

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2012.

Note: as a speaker at the conference, I will not be charged a fee related to the conference.

Allen Smith quotes me in his article, “‘Wild West’ of Cyber Insurance Might Cover Spear Phishing, Other Cybercrime.”

Posted on February 22, 2012 by Scott Godes One comment

In his article, ‘Wild West’ of Cyber Insurance Might Cover Spear Phishing, Other Cybercrime, Society for Human Resource Managementauthor Allen Smith, manager, workplace law content, for SHRM writes about cyber risks and cyber insurance.

The article opens:

The cyber insurance policy market is “a little like the Wild West of insurance,” but cyber insurance might help cover notification and legal costs incurred for data breaches or losses stemming from cybercrime, according to Scott Godes, an attorney [formerly] with Dickstein Shapiro in Washington, D.C., and author of the Corporate Insurance Blog.

In addition to quoting me on cyber insurance, the article also provides viewpoints from multiple people who deal with insurance and cyber risk issues, including Larry Ponemon, chairman of the Ponemon Institute in Traverse City, Michigan, Ken Goldstein, vice president with Chubb Group Insurance Cos. in Simsbury, Connecticut, Peter Foster, senior vice president with Willis North America in New York, Don Fergus, an independent risk consultant in the Washington, D.C., metro area, and chairman of the ASIS IT Security Council, and Eric Sinrod, an attorney with Duane Morris in San Francisco.

Want to read the other opinions and thoughts offered on the subject? Then click on over to ‘Wild West’ of Cyber Insurance Might Cover Spear Phishing, Other Cybercrime to read the entire article.

Disclaimer:

Join me for the Additional Insured and Indemnification Issues Conference – May 11, 2012 in New York City.

Posted on February 13, 2012 by Scott Godes 3 comments

Is your company an additional insured under another company’s insurance policies? Does your company issue certificates of insurance? Do you deal with indemnity agreements? Do you know whether indemnity agreements are covered by insurance? Would you like to learn the answers to these questions? Of course you would.

You’d like to hear about this from a commercial litigator and insurance coverage attorneys, wouldn’t you?

Plus, you’d like CLE credit for listening, including CLE ethics credit, wouldn’t you?

Well, say no more!

If you’re looking for all of that and more, organized and hosted by my good friends at HB Litigation Conferences, please join me for the Additional Insured and Indemnification Issues Conference: Other People’s Money Conference, as detailed by HB:

HB Litigation Conferences is pleased to announce the Additional Insured and Indemnification Issues Conference: Other People’s Money will be held Friday, May 11, 2012, at Thomson Hall in New York. The seminar is chaired by Timothy E. Delahunt, a partner at Kenney Shelton Liptak Nowak LLP and Scott Godes, [formerly] counsel at Dickstein Shapiro LLP.

The recently released Additional Insured and Indemnification Issues Conference agenda features sessions on Triggering The Duty To Defend Under Additional Insured Coverage; Scope Of The Duty To Indemnify Under Additional Insured Endorsements; Priority Of Coverage Where Additional Insured Coverage Exists; Practical And Strategic Differences Between Contractual Indemnification And Additional Insured Coverage; Ethical Considerations Particular To Additional Insured Coverage: Conflicts, Privilege And Confidentiality.

The event is sponsored by Dickstein Shapiro LLP. For additional sponsorship opportunities, contact Jeanne Billings at 484-580-8241 or jeanne.billings@litigationconferences.com.

Early bird registration – $100 off – is available through February 24, 2012. HB offers complimentary registrations* to in-house counsel and 50% off registrations* for their teams of outside counsel. Space is limited so register ASAP.

For additional information or to register, contact Brownie Bokelman at 484-324-2755 x212 or brownie.bokelman@litigationconferences.com.

*Discounts valid on new registrations only and cannot be combined with any other offer. Space is limited for in-house counsel complimentary registrations and 50% off discounted registrations for outside counsel. One complimentary registration per company.

Disclaimer:

Note: as a speaker at the conference, I will not be charged a fee related to the conference.

“A Lawyer’s Advice for Evaluating Your Cyber Coverage”

Posted on February 10, 2012 by Scott Godes 2 comments

I recently wrote an article titled, “A Lawyer’s Advice for Evaluating Your Cyber Coverage: Policies vary significantly from carrier to carrier—and even within the various forms of one company.” It has been published on the Property Casualty 360° website, republished from the February 6, 2012 issue of National Underwriter.

In the article, I discuss insurance coverage for data breaches, cyber risks, cyberattacks, and cyber events, including what factors to consider when buying cyberinsurance policies for cyber risks. I also discuss how different cyber risks may be characterized, whether as within first party, or third party insurance coverages, and how to keep those risk factors in mind when brokering, broking, or buying a cyberinsurance policy.

Here is a brief excerpt from the article:

Policyholders and insureds exposed to cyber risks would be well served to analyze carefully their insurance policies to determine exactly which coverages apply to them—and to see if any critical coverages are missing.

Cyber Liability insurance should provide coverage for the vast majority of key cyber risks, and there may also be overlapping coverage under other policies for such exposures.

The first place that a company should look to determine whether it has, or may have, coverage for cyber risks is any specific Cyber Liability policies that the entity holds. A very close look at these policies is warranted, as the coverage under such policies often varies significantly from carrier to carrier—and even within the various forms that one particular insurance company offers.

Disclaimer:

Michael P. Voelker quotes me in his Property Casualty 360 article, “After ‘Year of the Data Breach,’ Carriers Increase Capacity, Competition for Cyber Risks.”

Posted on February 7, 2012 by Scott Godes 2 comments

In his article, After ‘Year of the Data Breach,’ Carriers Increase Capacity, Competition for Cyber Risks, Property Casualty 360°author Michael P. Voelker writes about cyber risks and cyber insurance.

The article opens:

There’s a good reason why 2011 is known among security professionals as the Year of the Data Breach.

The antics began in April, with a bold, high-profile data raid on Sony’s Playstation Network database—and ended with hackers scamming credit-card details, passwords and home addresses from the systems of intelligence-analysis firm Stratfor in December.

The article provides viewpoints from multiple people who deal with insurance and cyber risk issues. Mr. Voelker also quoted me in the article, writing:

“The Cyber Liability insurance market is the ‘Wild West’ of insurance,” observes Scott N. Godes, [formerly] counsel at Dickstein Shapiro LLP. “It’s worthwhile going through a policy with a fine-toothed comb with someone who truly understands Cyber Liability.”

Want to read the other opinions and thoughts offered on the subject? Then click on over to After ‘Year of the Data Breach,’ Carriers Increase Capacity, Competition for Cyber Risks to read the entire article.

Disclaimer:

Monthly Archives: February 2012

Join me for the IRMI Cyber & Privacy Risk Conference.

Wednesday, May 16, 10:45 a.m. – 12:15 p.m.

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Allen Smith quotes me in his article, “‘Wild West’ of Cyber Insurance Might Cover Spear Phishing, Other Cybercrime.”

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Join me for the Additional Insured and Indemnification Issues Conference – May 11, 2012 in New York City.

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“A Lawyer’s Advice for Evaluating Your Cyber Coverage”

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Michael P. Voelker quotes me in his Property Casualty 360 article, “After ‘Year of the Data Breach,’ Carriers Increase Capacity, Competition for Cyber Risks.”

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