Cyber Liability Insurance: Types of Coverage, Application Process, Premiums, Claims, Market Trends, Avoiding Pitfalls
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Cybersecurity and Data Privacy
- event Date
Wednesday, January 29, 2025
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE webinar will explore the latest market trends and developments in cyber liability insurance. The panel will discuss the key considerations for selecting a carrier and policy, the various types of coverage, potential gaps in coverage, losses that are covered or not covered, and the interplay of cyber insurance with other types of business insurance coverage.
An experienced transactional lawyer, Mr. Stechmann represents both emerging and established businesses — particularly technology companies — in financing, technology-related transactions, privacy and corporate governance matters. He advises in-house legal departments, IT teams and client leaders on corporate data security and incident planning and response efforts, including development of corporate privacy and security policies and procedures, breach preparation and cybersecurity risk management, and compliance with privacy and breach notification laws. Mr. Stechmann helps clients identify, evaluate and manage risks associated with the collection and use of personal information.
Mr. Paez is a national cyber risk leader at Marsh McLennan Agency. He has over 20 years of vast technology, data privacy, and cybersecurity risk experience. In his current role, he assists in developing Cyber/Technology practice strategies and provides consultative services, market negotiation, policy analysis and placement, contract review, and claims advocacy services on behalf of clients.
Organizations both large and small that use any form of technology to do business face cyber risks, which are not covered by most business insurance plans. Cyber liability insurance is a vital part of an organization's initial incident response planning and helps cover the costs associated with data breaches and other cybersecurity incidents, including forensic investigations, litigation and legal expenses, ransomware attack payments, public relations vendors, credit monitoring for customers, responding to government investigations, and regulatory fines.
While there are many different cyber policies written by insurance providers, there is not one standard form. Every organization should obtain a policy with coverage that is customized to meet their specific business needs and risk exposure.
Data privacy and cybersecurity counsel must understand the various policies and coverages currently available to advise their clients in making coverage selections that will adequately protect their client's business interests. Also, when a cybersecurity incident occurs, counsel must be able to effectively advise their clients as they navigate each step of the claims process.
Listen as our authoritative panel provides a practical overview of the latest trends and developments in cyber liability insurance and offers guidance on assisting clients in selecting the right coverage and guiding them through the claims process.
- Key considerations when selecting a cyber liability insurance carrier and policy
- The interplay of cyber liability coverage with other types of coverage and the pitfalls of relying on other types of coverage to address cyber risks
- Aspects of cyber liability coverage
- Recent developments and new coverage components
- Application process
- Premiums
- Losses that are typically covered and not covered
- Potential gaps in coverage
- Caveats
- Claims process and requirements
- Practitioner takeaways
The panel will discuss these and other key considerations:
- What are the key considerations when helping clients select a cyber insurance carrier and policy?
- How does cyber liability insurance work with other types of business coverage to address cyber risks?
- What losses are typically covered and not covered under a cyber liability policy?
- What are the latest trends and recent coverage components in cyber liability insurance?
- What is the general claims process?
