Business Insurance quotes me in “Risk managers’ expertise valuable in cyber risk efforts”
In the article, Risk managers’ expertise valuable in cyber risk efforts, Business Insurance writes about managing cyber risks and insurance for those risks.
The article opens:
Most risk managers might not be information technology experts, but they can effectively manage cyber risks by applying their expertise in such areas as contract risks, assessing the value of exposures and communicating the potential impact of exposures across their organizations.
The article provides viewpoints from multiple people who deal with risk management, cyber risk, and insurance issues. Business Insurance quotes a risk manager, underwriter, and a broker. Business Insurance also quoted me in the article, writing:
Using last year’s California Supreme Court ruling in Pineda vs. Williams Sonoma Stores Inc. that held that ZIP codes can be considered personally identifiable information in certain cases as an example, “It’s really quite a changing time in terms of what’s out there in terms of risks and what companies’ potential risks and liabilities might be,” said Scott N. Godes, [formerly] of counsel in the insurance coverage practice at Dickstein Shapiro L.L.P. in Washington.
“We now have 46 states with data breach notification statutes. There’s pending legislation in Congress,” Mr. Godes said. In addition, the U.S. Securities and Exchange Commission has produced cyber security disclosure guidance requiring publicly traded companies to disclose their cyber risks to investors and makes those companies’ boards responsible for assessing their exposures and taking appropriate steps to address them, he said.
“Because of the ongoing changes, it’s certainly something companies need to be paying attention to,” he said.
Want to read the other opinions and thoughts offered on the subject? Then click on over to Risk managers’ expertise valuable in cyber risk efforts to read the entire article.
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.
This is a very good and timely article. Scott makes several important points here about cyber exposures and how they are being handled. I address these and several other cyber issues and provide guidance in a CE class that I teach to insurance agents and underwriters “Data Security Risk Management and Best Practices 101” here in Ohio and Kentucky. This course along with the upcoming “HIPAA Compliance and Best Practices 101” course represents true continuing education with pointers that can be applied immediately to protect the agency itself, it’s agents and their policyholders. It applies to all size companies but focuses on the impact of cyber-threats and cyber-liability to small businesses and non-profit organizations. I’m thrilled to see attorneys who have a firm grasp on this complex and growing market segment of cyber-security risk management and look forward to seeing more of it.
Chris, many thanks for the kind words.
Pingback: Business Insurance quotes me in “Risk managers’ expertise valuable in cyber risk efforts” « Insurance.BlogNotions - Thoughts from Industry Experts
Informative article – thankyou. I get my Business Insurance here – http://shop.qdosconsulting.com. With the growing risks online, cyber security is becoming more and more important. Some business policies might not cover all the risks, which is why I think cyber liability insurance might be an important type of cover to have in the future.