Managing Cyber Risk Through Insurance

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Course Information

Time 60 Minutes
Difficulty Intermediate

Course Description

In the current risk landscape, it is not a matter of if your business or client will experience a cybersecurity incident, but when. A cybersecurity event is not only a concern for the business bottom line but can also impact directors and officers as new regulations and shareholder and consumer suits threaten the C-suite. Indeed, regulatory investigations, penalties, and consumer lawsuits have become the norm. 

In this program, Michael S. Levine and Andrea DeField of Hunton Andrews Kurth, LLP’s insurance coverage and litigation team, will provide an overview of the cyber threat landscape and an update on the recent state, federal, and foreign regulations concerning cybersecurity protocols and how these regulations impact you or your client’s potential liability. The speakers will provide a primer on how a well-crafted cyber insurance and directors & officers insurance program can help manage cyber risk and help protect directors and officers, and the company, from cyber liabilities. Finally, the course will address common gaps in cyber insurance coverage and how to fill these gaps in order to avoid a coverage denial.

Learning Objectives:

  1. Review potential cyber liabilities
  2. Manage cyber risks through cyber insurance, including the types of liabilities and risks covered by these policies
  3. Identify and fill gaps in cyber insurance programs through manuscript language or policy endorsements
  4. Discuss tips for handling cyber insurance claims in order to maximize insurance recovery

Credit Information

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Michael S. Levine

Hunton Andrews Kurth

Mike has more than 20 years of experience litigating insurance disputes and advising clients on insurance coverage matters.

Mike represents and counsels policyholders in insurance recovery and business disputes. He also assists clients regarding claim evaluation and strategy, policy placement and endorsement and broker liability issues.

In recent years, Mike has recovered hundreds of millions of dollars for clients in matters involving virtually every type of insurance policy, including property, directors and officers, errors/omissions, general liability, employment, environmental, and representations and warranties coverages. Mike has extensive experience with property damage, business interruption and extra expense claims in the US and abroad, as well as reinsurance claims. He has drafted insurance policy forms and endorsements and has litigated or arbitrated against most major US and non-US insurers.

Mike frequently serves as a faculty member and lecturer on issues concerning maximizing insurance recovery, insurer bad faith and unfair claims practices and assessing new and emerging risks, such as cyber and disruptive technologies, to help clients ensure that proper insurance is in place before a loss occurs. Mike also serves as an editor of the ABA’s insurance coverage journal, Coverage as well as manager and editor of the firm’s insurance client alerts and the firm’s Insurance Recovery Blog.

Mike is admitted to practice in Virginia, New York, Massachusetts and the District of Columbia, and before numerous federal district and appellate courts.

Relevant Experience

  • Coverage counsel to private equity firm and its portfolio companies, advising on directors and officers (D&O) liability insurance, professional liability insurance, and cyber insurance matters.
  • Advising major petroleum pipeline company about insurance coverage issues arising out of recent accidents and environmental incidents. Also advising the client about potential recoveries from contractors’ insurers and additional insured coverage.
  • Advising luxury resort concerning property damage, business interruption and extra expense loss resulting from 1000-year flood event.
  • Advising major energy infrastructure company concerning third-party liability, property damage and business income losses arising out of peotrochemical plant explosion. Recovered more than $200 million from liability insurers.Litigating claims of insurer and broker negligence concerning fire loss and under-insurance of smoked meat producer.
  • Advising clients on potential D&O and cyber insurance coverage for data breach claims.
  • Litigated claim to recover defense costs and amounts paid to settle class claims concerning allegedly improper bank fees and assessments.
  • Represented municipality to recover $13.7 million under commercial property policy for flood-related property damage and extra expense.
  • Successfully resolved insurance dispute over the duty to defend a public entity’s tort liabilities and resulting $32 million dollar jury verdict.
  • Successfully resolved dispute concerning claims of tortious interference and business conspiracy against a major auto manufacturer’s liability insurer.
  • Successfully resolved dispute concerning availability of insurance for mass claims alleging civil rights violations, wrongful imprisonment and unlawful prosecution.
  • Lead trial counsel in lawsuit by auto dealer involving claims for property damage, loss of business income and insurer bad faith; obtained favorable jury verdict on all claims.
  • National coordinating counsel for welding fume exposure claims.
  • Successfully litigated a lawsuit involving a major US airline’s 9/11-related business interruption claim.
  • Trial and appellate counsel in the World Trade Center Properties property coverage litigation; obtained summary judgment and a favorable decision from the US Court of Appeals for the Second Circuit regarding the number of “occurrences” arising from the 9/11 terrorist attack.
  • Appraisal counsel for the World Trade Center property valuation appraisal.
  • Successfully litigated coverage dispute concerning third-party “bodily injury” and “property damage” claims arising out of the 9/11 terrorist attack on the World Trade Center.
  • Successfully litigated individual and class claims involving property and liability coverage for claims involving toxic mold.
  • Successfully litigated numerous coverage actions concerning the availability of liability coverage for lawsuits alleging industry-wide negligence and intentional conduct in the manufacturing, marketing and sale of handguns.

Andrea DeField

Hunton Andrews Kurth LLP

Andrea has dedicated her career to helping clients manage risk and maximize insurance recovery. As part of her counseling practice, Andrea adds value to business deals by advising clients on contractual risk transfer through indemnity, additional insured, and required insurance provisions in contracts. She also helps clients identify and mitigate risk before a loss occurs by conducting insurance due diligence for mergers and acquisitions and by conducting audits of clients’ insurance programs to identify gaps in coverage before renewal.

When a loss has occurred or a claim has been made, Andrea helps clients maximize insurance recovery by advising them through the claims process. When insurers fail to pay amounts due, Andrea represents clients in litigation or alternative dispute resolution of coverage disputes. She has handled and tried cases in state and federal trial and appellate courts throughout the country and is admitted to practice in Florida, as well as certain federal district and appellate courts.

Andrea is also a prolific author and lecturer on insurance and risk management topics including directors and officers (D&O), private equity, cyber, food recall, liability, pollution, windstorm, and other insurance issues. She is active in the American Bar Association and currently serves on the ABA’s Standing Committee on Disaster Response and Preparedness and the ABA Cybersecurity Task Force.

Relevant Experience

  • Advised clients through claims process under directors and officers (D&O), errors and omissions (E&O) and other professional liability, employment practices (EPLI), property, business interruption, commercial general liability (CGL), pollution legal liability (PLL), cyber (including privacy and security, reputation management, network interruption, cyber extortion, technology E&O and other cyber-related coverages), crime, fidelity, and other insurance policies.
  • Representing investment firm in insurance coverage action seeking to obtain recovery of defense costs and potential settlement or judgment amounts in foreign regulatory proceedings concerning the acquisition and restructuring of a financially distressed entity.
  • Serves as coverage counsel for national franchise food service company; duties include: providing advice on indemnity agreements and insurance requirements in contracts with third parties, representing client in coverage negotiations with insurers over defense and indemnity obligations under liability policies, assisting client with claim presentation and recovery of property damage and business interruption losses arising out of sinkhole and hurricanes, and analyzing client’s insurance program for gaps in coverage in preparation for renewal.
  • Representing corporate policyholder in coverage and bad faith litigation against its liability insurer in federal court arising out of the insurer’s alleged failure to settle a wrongful death claim for an amount within limits, resulting in a judgment against the policyholder in excess of that insurer’s limits.
  • Successfully opposed insurer’s motion to dismiss bad faith action brought by non-insureds under Fla. Stat. § 624.155(1) for a claim arising out of hurricane damage.
  • Conducted insurance audit to identify coverage issues and gaps in insurance program (including captive policies) for nonprofit health insurer serving over 4 million members.
  • Conducted coverage analysis of D&O and cyber insurance policies for publicly traded cloud computing company in preparation for its renewal.
  • Successfully resolved multiple individuals and commercial property claims arising out of windstorm damage from Hurricanes Irma, Charley, and Wilma.
  • Conducted coverage analyses of publicly traded global travel company’s Directors and Officers Liability, Side-A Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, and cyber insurance program and recommended manuscript endorsements and other changes for renewal.
  • Worked with client and broker to develop a comprehensive cyber insurance program for private equity investors and its over 50 portfolio companies, including drafting numerous manuscript amendatory endorsements that were accepted by the insurer.
  • Advising the pipeline company on ensuring maximum coverage under pollution legal liability, general liability, and directors' and officers' liability insurance programs.
  • Advising major health care clients on coverage under Directors & Officers (D&O) and Errors and Omissions (E&O) policies for multidistrict litigation alleging violations of federal and state antitrust laws.
  • Recovered full limits of fidelity policy for condominium association client for loss arising out of property manager theft.
  • Contributed to the team winning jury verdict for plaintiffs in insurance coverage declaratory action in Florida state court.

  • Member, ABA Standing Committee on Disaster Response and Preparedness, 2016 through 2019.
  • Member, ABA Cybersecurity Task Force, 2017 through 2019.
  • Co-Chair, ABA Section of Litigation: Insurance Coverage and Litigation Committee Hurricane Task-Force, 2017 through 2018.
  • Member, ABA Tort Trial & Insurance Practice Section and Section of Litigation, 2012 through the present.
  • Member, ABA Section of Litigation: Insurance Coverage Litigation, 2012 through the present.

    Awards & Recognition

    • Named a RISE Award Winner, Rising Insurance Star Executives, 2019
    • Recognized as an Associate to Watch in Insurance, Chambers USA, 2019

    • Selected as a Rising Star for Insurance Coverage, Florida Super Lawyers magazine, 2018 and 2019. A description of the selection methodology can be found on Super Lawyers’ webpage.
    • Named among Cystic Fibrosis Foundation’s 40 Under 40 Outstanding Lawyers of South Florida, 2018.
    • “Rookie of the Year,” Greater Miami Chamber of Commerce HYPE Awards, 2017.