Tag Archives: Risk Management

Please check out: “5 Tips For Reviewing And Buying Cyberinsurance.”

Highway Signpost "Cyber Attack"Law360 published an article that I wrote with tips for buying and reviewing cyberinsurance, with special tips for retailers who are considering buying or reviewing cyberinsurance policies.

The article is “5 Tips for Reviewing and Buying Cyberinsurance.”  With the recent rash of cyberattacks, data breaches, and other incidents affecting retailers around the country, it is a good time to turn a careful eye to insurance for cyber and privacy risks.  After a privacy, cybersecurity, or data breach incident, retailers may face a host of issues as a result of those incidents.  The issues may include individual consumer claims, putative class actions, federal and state investigations and regulatory inquiries, and demands from banks, credit card brands, and/or credit card processors.

The introduction to the article reads:

It seems that the cybersecurity was all over the news in 2013, and in 2014, retailers cannot escape the potential of a data breach. In fact, it’s been reported that six further retailers may be suffering data breaches and cyberattacks, beyond the two big retailers that were in the news over the holiday season. If you already have forgotten about your personal New Year’s resolution, consider one for your business: understanding your insurance policies with a view toward coverage for cyber risks.

If you are interested in some take aways regarding your cyberinsurance program, including considerations relating to Payment Card Industry Council compliance (“PCI compliance”), account data compromise events (“ADC events”), case management fees, operational fraud demands, operational reimbursement demands, and more, please take a look at the entire article.  Please check out “5 Tips for Reviewing and Buying Cyberinsurance.”

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. 2014.

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Please check out: “Cyberattacks and Insurance Coverage.”

The Policyholder Informer blog of the insurance coverage and insurance recovery practice of my former firm, Dickstein Shapiro LLP, is featuring a post that I co-authored with my former colleague Brian Finch.  Brian is a partner and the practice leader for our firm‘s Global Security practice.

The post, which is found via the Internet Archive, is “Cyberattacks and Insurance Coverage.”  The introduction to the post reads:

Most everyone agrees that the cyber threat is real at this point.  The recent release of a report alleging that individuals in China engaged in a sustained campaign of cyberattacks against the United States only served to drive this point home.  All of this information has naturally intensified the debate in Washington, DC on what to do regarding cybersecurity.  Congress is continuing its years long back and forth about whether to impose regulations on sectors of the economy, and the White House has issued an Executive Order to create a voluntary program to encourage companies to practice better cybersecurity.

The post discusses risk management and the idea of threat elimination in the context of cybersecurity, as well as insurance coverage for cyberrisks.  It provides a brief overview of the insurance marketplace for cyberinsurance and refers to recent decisions finding coverage for cyberrisks under other insurance policies, including a crime insurance policy with a computer fraud rider.  Please check out the entire post by clicking 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. 2013.

Jeffrey Steele quotes me in his Multi Housing News article, “Addressing Cyber Security: New Tools and Laws Combat the Threat.”

Multihousing building

In his article, Addressing Cyber Security:  New Tools and Laws Combat the Threat, Multi Housing News contributing editor Jeffrey Steele writes about cyber risks, risk management, and insurance coverage for the multi housing industry for the February 2013 edition of the magazine.

The article opens:

The growing threat to companies in the multifamily industry from cyber-attacks is serious enough that the National Apartment Association staged a webinar in 2012 entitled “The New Cyber Reality for the Multifamily Rental Housing Industry: Threats, Responsibilities and Risk Management Strategies.”  [Link added]

In this special tech report, Multi-Housing News interviews two of the leading participants on that panel to discuss the types of threats the industry faces, legislative developments currently underway, and what measures companies can undertake now to ensure they are prepared in the event of such attacks.

Mr. Steele interviewed my former colleague, Brian Finch, and me, for the article, getting our thoughts on cyber and privacy risks facing the multifamily housing industry.  We discuss data breach laws that could affect the multifamily housing industry, including the current slate of 46 different state data breach notification laws, current legislative developments, and risk mitigation tools.  We also give some predictions as to the future of cyber and privacy risks.

If you’d like to read the full piece, please click on over to Addressing Cyber Security:  New Tools and Laws Combat the Threat to read the entire article.

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. 2013.

Please join me for the January 11, 2013 Delaware Valley RIMS Chapter Meeting: “Cyber Risk Management and Control”

Please join me for a luncheon hosted by the Delaware Valley chapter of RIMS on Friday, January 11, 2013:  Cyber Risk Strategies Meeting.

Here are the details that the Delaware Valley chapter of RIMS has postedCybersecurity about the meeting:

Every day the media reports another major cyber breach. No person or corporation is immune. And the inevitable class action privacy breach lawsuits follow. The trend among courts and government regulators has been to allow these suits to proceed to discovery and beyond. The associated costs are increasing exponentially. Become better informed by a debate on cyber risks and litigation, crisis management, loss control, the applicability of insurance and cyber risk strategies by joining us on January 11, 2013 at Aramark’s Philadelphia office.

The panelists will be Scott Godes [formerly] from Dickstein Shapiro and Richard Bortnick [formerly] from Cozen and O’Connor. Scott Godes [was] counsel in the Insurance Coverage Practice and focuses on representing corporate policyholders in insurance coverage disputes. He is a seasoned litigator who has extensive experience in trying complex insurance coverage disputes, including class actions, in state, federal, bankruptcy, and appellate courts, as well as in commercial arbitrations. He [was] co-leader of the firm’s Cyber Security Insurance Coverage Initiative.

Richard Bortnick, from Cozen & O’Connor is a member resident in Cozen O’Connor’s Philadelphia office. He litigates and counsels U.S. and international clients on cyber and technology, directors’ and officers’ liability, securities fraud, professional liability, insurance coverage, products liability, and commercial litigation cases. He also drafts professional liability insurance policies of varying types, including Cyber/Tech policies, and is co-publisher of the cyber industry blog, Cyberinquirer.com.

Moderating the discussion will be Art Boyle, Vice President of Enterprise Risk at Radian Group.

Here are the time and location details:

DATE:  Friday, January 11th from 8:00 AM – 10:00 AM
LOCATION:  Aramark office, Center City, Philadelphia

Please be sure to join us!  Click here 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. 2013.  As a presenter, I will not be charged a fee to attend the meeting.

Business Insurance quotes me in “Risk managers’ expertise valuable in cyber risk efforts”

In the article, Risk managers’ expertise valuable in cyber risk effortsBusiness 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.

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.

Join me for the IRMI Cyber & Privacy Risk Conference.

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.

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Join me for RIMS 2012 Annual Conference & Exhibition in Philadelphia!

Looking for a fantastic seminar devoted to risk and insurance?  Are you a risk manager?  Are you part of the insurance industry?  Are you someone who helps companies get their claims covered and paid (that’s me! that’s me!)?

Of course, then, you want to attend a risk management seminar with “no boundaries.”  Well, look no further.  “No boundaries” is how RIMS describes its RIMS12 annual conference for 2012:

If your organization is like most, risk is not confined to just one department. Everyone has risk management responsibilities. At RIMS 2012 Annual Conference & Exhibition, there are no limits to the information and resources available to help you and your organization innovatively minimize risks. You’ll find a wide array of educational sessions offering practical strategies, no matter what your business area. Sessions are offered at all experience levels—from beginner to advanced—so you can design an educational experience that fits your needs. And, the Exhibit Hall is jam-packed with solutions–everything you’ll need for the upcoming year.

The event is from April 15-18, 2012 in Philadelphia.

Not sure whether you should attend?  Here’s what RIMS says, and I couldn’t have said it better myself:

The Value of Attending

As the current economic climate continues to affect companies, some critical training and education budgets have been slashed or put on hold. Yet, the need for proper training, innovative tools and resources is greater now than ever before. At RIMS 2012 Annual Conference & Exhibition you will participate in the single most educational, informative conference for risk professionals. Refresh your skill set, pick up new tips and techniques, and network with nearly 10,000 risk professionals.

But just in case you need help justifying the value of attending RIMS to your management, here are the top reasons why you should register today:

  • Top-notch education–With 120+ sessions, hot topic sessions, keynote presentations, a jam-packed Exhibit Hall and unique networking opportunities, RIMS ’12 has more new strategies, ideas and practical solutions in one place that you will find anywhere else!
  • Keynote presentations–You’ll hear business visionaries share how to best utilize your resources in this time of financial uncertainty, enhance your leadership skills and align effective risk management with your organization’s business goals. Learn how to incorporate successful change management strategies into your risk policy, work in constantly evolving markets and structure your risk program to handle planned—and unplanned—challenges as they arise.
  • Industry leaders–Solve today’s challenges with the help of top industry leaders. At RIMS 2012, world-class speakers will discuss techniques and best practices that will advance your understanding of risk management and help you maneuver your risk program past current and future obstacles. This is the knowledge that will ensure your organization’s stability and growth—especially in these demanding times!
  • Save your company money!–Attend sessions that will save your company money and take away cost-cutting strategies. Your registration will have paid for itself! View the conference program to find the best sessions to fit your business needs.
  • Exhibit Hall–Walk through the Exhibit Hall to meet with service providers and discover thousands of ground-breaking resources, the latest innovations and breakthrough solutions. Hold on to those business cards—they will help you create innovative strategies and find new solutions when you need them.
  • Networking–Navigate the twists and turns of developing a successful risk management program with nearly 10,000 leading risk professionals who will bring a fresh perspective to your risk program. We’ve got events such as a grand Opening Reception, keynote presentations, award receptions, Wednesday Night Spectacular and more for you to meet old friends and make new ones.
  • Make a difference–Join your peers and give back to Vancouver, our host city, or support the future of the risk management industry. Participate in RIMS Community Service Day or join us for the Spencer Educational Foundation fundraising event. Details on these special events are available in the conference program.
  • Global reach–Attendees from more than 50 countries will come together in Philadelphia at RIMS 2012 to learn how to improve their risk program and operate efficiently and effectively in today’s global marketplace. Learn the challenges of doing business in China, balancing operational risks associated with global sourcing, tips for implementing a global risk program, and more! Attend one of the sessions offered in Spanish and Japanese for a truly global perspective. What’s more, you’ll find many multinational corporations and international organizations in the Exhibit Hall.
  • Share your knowledge–Host an “everything I learned at RIMS ’12” information session for your coworkers and pass on the new tools and strategies that you acquired, as well as information on the new contacts and solution providers you met.
  • It’s the premier industry conference–In terms of learning, networking, solution-sharing, peer exchange and connecting with service providers, RIMS ’12 is the only place where you can find it all. So, join us in Philadelphia and gain the advantage that you need to elevate your profile with your organization!

My session will be CLM203: Cyber Attacks and Privacy Claims: Litigation, Insurance and Crisis Management.  Joined by Rick Bortnick and Art Boyle, we’ll be discussing insurance coverage for cyberrisks and privacy claims, including data breaches, denial-of-service attacks, privacy class actions, and other cybersecurity and privacy events:

Session Code: CLM203
Date: Wednesday, April 18, 2012
Time: 8:45 AM – 10:00 AM
Every day, the media reports another major cyber breach. No person or corporation is immune. Government entities, financial institutions, health care providers, Fortune 500 companies and even cyber-security firms are under constant attack. And the inevitable class action privacy breach lawsuits follow. The trend among courts and government regulators has been to allow these suits to proceed to discovery and beyond. The associated costs are increasing exponentially. A single cyber breach could cost tens of millions of dollars. Projections for costs from the Sony breach start at $1 billion. You may think to look to your cyber or tech insurer for help, but what about a straightforward first- or third-party policy or a professional services policy? Is the theft of information covered under a fiduciary policy? How will you address and coordinate the crisis management? Who do you hire? Can a law firm help? And while an increasing number of underwriters offer cyber-insurance products, many claims professionals are not yet familiar with the coverages or how to evaluate and handle the resultant claims. Become better informed with a debate on cyber risks and litigation, crisis management, loss control, the applicability of insurance and cyber-risk strategies.
Panel

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. 2011.

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