Monthly Archives: December 2012

“Top Ten Tips for Companies Buying Cyber Security Insurance Coverage”

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cybersecurityMy former colleague, Kristi Singleton, and I recently co-authored an article for the Association of Corporate Counsel (ACC) with our top ten tips for corporations and other entities that are in the market to buy or renew cyber security insurance policies. The introduction is below:

Companies may spend a lot of time and effort to protect their confidential data, but they may miss prime opportunities to save costs and mitigate potential losses if they focus solely on protecting information, and ignore the benefits of purchasing comprehensive cyber-security insurance coverage. One way that companies can help protect their clients, and themselves, is to understand the scope of the insurance policies that they have, and purchase comprehensive cyber-security insurance coverage. All cyber-security insurance policies, however, are not created equal, so below are some tips that all companies should consider when purchasing or renewing a cyber-security policy.

We give advice that hits on high level insurance coverage considerations for cybersecurity risks, such as buying insurance coverage for first and third party risks, and more specific considerations, such as the scope of coverage for risks and transmissions of data outside of company offices.  To read the entire article, click here.

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.

“10 Tips For Law Firms Buying Cybersecurity Insurance”

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Law FirmMy former colleague, Kristi Singleton, and I recently co-authored an article that was published in Law360 regarding cyberinsurance for law firms. The piece provides insights and tips for law firms and lawyers interested in purchasing a cyberinsurance policy. The introduction is below:

Law firms spend a lot of time and effort to protect their clients’ interests in a myriad of ways, from spending millions of dollars litigating a client’s case to spending hundreds of hours in due diligence before a deal closes. One often overlooked area in which law firms can serve their clients’ best interests is by protecting clients’ confidential or proprietary electronic data. Unfortunately, lawyers are often not considered to be the most technologically-savvy, and thus may be viewed as “easy prey” by hackers who may be…

The rest of the article is after the jump, and Law360 requires a subscription. To read the entire article click here.

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.

Alison Diana cites me in her post, “Insuring the Cloud”

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Cloud ComputingIn her post, Insuring the Cloud, author Alison Diana writes about insurance coverage for risks relating to the cloud.  She discusses insurance policies and insurance products available in the marketplace to cover the cloud and risks relating to the cloud.

The post opens:

As cloud becomes more pervasive, many organizations are seeking ways to insure themselves from unexpected downturn. Traditional and new insurers are starting to offer insurance programs designed to protect companies’ information, networks, and operations from cloud failure, a market likely to grow and help spur further adoption of cloud among enterprises.

Insurance companies have struggled with ways to address the business continuity and protection needs of cloud customers.

The article then cites an insurance broker and insurance industry CEO, who work in the area of insurance coverage for cybersecurity, data, privacy, and other cyberrisks, discussing what new offerings are available to corporate insureds and corporate policyholders looking to buy cyberinsurance for the cloud.  She also cites an article from Judy Greenwald at Business Insurance that quoted me discussing cyberinsurance and the cloud.  (You may recall seeing this earlier blog post about the article.)  Citing me, Ms. Diana writes, in part:

Scott Godes [who was] of counsel at law firm Dickstein Shapiro L.L.P. told BusinessInsurance.com (registration required) that he’s seen few, if any, policies that specifically named cloud computing. Typically, he said, liability policies and first-party policies are written to include cloud computing. “Close attention should be paid to when the term ‘computer system’ or ‘computer network’ is defined, if those are the operative terms of what is covered,” he told BusinessInsurance.com.

I stand behind that discussion, and note that I recently have seen a package cyberinsurance policy that did specifically reference insurance coverage for the cloud.  The times, they are a changin’?  As I have written before, the marketplace for cyberinsurance policies may be considered the “Wild West,” so insurance policies, including cyberinsurance policies, should be reviewed carefully.

Want to read the other opinions and thoughts offered on the subject?  Then click on over to Insuring the Cloud to read the entire post.

 

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.