Category Archives: insurance

New Issue: Data Security. Insurance. Indemnification. 3rd Party Contractors.

Indemnification Clauses in Insurance Cybersecurity policies should do 3 things:

  • Be clear which entities are covered, none of this any and all other related entities mumbo jumbo
  • Explicitly state details like whether “indemnity for third parties extends beyond the policy’s expiration date”
  • Be flexible to constantly evolving laws and case law

Business Insurance | Precise policy language needed to cover affiliated businesses

Sign of the Times: Warren Buffet Enters Data Security Insurance Market

This week Berkshire Hathaway Specialty Insurance division unvieled 2 new speciality policies:

  • Professional First Network Security & Privacy
  •  Professional First Professional Liability and Network Security & Privacy

What do the policies cover?

  • coverage for third-party exposures
  • resulting from data security and privacy breaches, breach expense and extortion threats, media liability and business interruption.

SC Magazine | Berkshire Hathaway Specialty Insurance enters cyberinsurance…

3 Federal Regulatory Data Security Acts Point to State Legislation on the Horizon

What have the feds done for us lately to protect our data security?

1.     Weeks ago the FDA stopped the use of a pump for infusion therapy because it could be hacked

2.     July’s recall of 1.4 million Chryslers, Dodges & Jeeps because of hacking the auto software

3.     The SEC following through on enforcement for insider trading due to a computer hack

Let’s not forget it has also been the year of:

  • student data breaches
  • insurance companies data breaches
  • a fear of data security…

Trend: Cyber Insurance $20 Billion in insurance premiums.

Insurer Allianz Global Corporate & Specialty offers caluclated predictions about cyber security and insurance policies:

  • Cyber security costs the US $108 billion/year
  • By 2025, cyber security insurance will be a $20 billion in annual premiums globally
    • In 2015, annual cyber insurance premiums are $2 Billion globally
  • 70% of breaches occur in restaurants
  • To recoup losses after a hack, companies should count on  $200 per record that gets compromised.
     

North Bay Business Journal: As…

Lege Trend: State Data Security Laws Apply to Insurers. 8 states and counting.

8 states have specifically applied thier data breach notificagtion requirements to insurers. 

  • California
  • Connecticut
  • Maine
  • New Hampshire
  • Ohio
  • Rhode Island
  • Vermont
  • Washington
  • Wisconsin

The laws vary on these points, but all specifically apply to insurers:

  • who has to be notified
  • when notification has be given
  • what information triggers a notification
  • what powers an Attorney General has
  • which entities have to provide the notification

JD Supra | Baker Hostetler | State Data Breach…

Policies Two Ways: ME Cities Adopt Data Security Policies & Buy Data Security Insurance Policies.

Maine Municipal Association has added cyber-liability coverage to its insurance plan for municipalities.

Mount Desert Maine developed a data breach response policy in consultation with the Town Manager, the Police Chief, and a consultant. The data security policy:

  • Defines a data breach as “any occurrence where personal identifying information (such as Social Security numbers or payroll information) is accessed by someone other than an authorized user for anything other than an…

Experian's Top 6 Data Security Trends- Credit Cards, Clouds, Health Care…

  1. Credit card breaches will rise over the next few months as hackers try to beat the October deadline set by Visa and MasterCard for merchants to accept only the new generation of credit cards that are embedded with computer chips.
  2. Hackers increasingly will target data stored in the cloud. “Hackers are eager to capitalize on the value of consumer online credentials,” according to the report.
  3. Expect more breaches of health care data. One reason: the growing number of access points to…

Representation Opportunity: Insurance in Data Breaches

For the first time ever, Zurich Surety registers as a lobbyist in Canada amid interest in data security legislation.

Folks, data security insurance is a business that is growing exponentially. The well read will remember that just last week, Information Intelligence brought you news of the first lawsuit concerning insurance coverage in a data breach. 

Rapidly growing industry. Not Yet in Texas. Hello opportunities. 

Canadian Underwriter