Cyber Security Breaches: Risk Mitigation, Litigation, and Insurance Coverage
Created on August 18, 2016
Planning for data breaches and other cybersecurity risks is no longer optional. Every business – whether large or small – is vulnerable to sensitive data and other cybersecurity breaches. Moreover, the obligations for compliance with applicable security standards continue to develop and expand. As a result, careful attention to data security measures and incident response plans has become an ongoing "operations" requirement.
Litigation following a cybersecurity breach has also become an unfortunate reality, with cases filed on a regular basis seeking damages as a result of the disclosure of confidential and other information. While the case law decided to date is a mixed bag of results, new filings have not slowed. In an effort to further mitigate the risk of loss from a cybersecurity breach and potential litigation, many businesses look to insurance as an integral component of any cyber risk management strategy. Recent coverage litigation and other developments cast doubt on whether traditional insurance policies will cover losses resulting from cybersecurity incidents, but policies specifically tailored to address "business-specific" cybersecurity risks can be an effective risk mitigation tool.
In this program, the presenters discuss:
- Recent developments in regulatory and other compliance standards
- Recent cases and decisions in litigation to recover damages arising out of cyber incidents
- Recent developments and decisions under traditional insurance policies
- Specialty policies that relate specifically to cyber risks
- Emerging legal issues relating to cyber risk insurance
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