Text Goes Here 00/00/00 October 17, 2013 Presented

Transcript:Text Goes Here 00/00/00 October 17, 2013 Presented:
Text Goes Here 00/00/00 October 17, 2013 Presented by: Kurtis E. Suhs, Vice President National Practice Leader for Privacy and Technology Kurtis.Suhs@Ironshore.com / (404) 845-7549 www.Ironshore.com Society of Risk Management Consultants Annual Conference 2 The Underwriting Process Non-binding indication Consultative discussion with Risk Management, Information Security, Human Resource, Records Management and Company Underwriter Formal quote Premiums based upon the following: Annual revenue of applicant Industry class Type of coverage Limits, sub-limits, retentions, terms and conditions Risk profile 3 Privacy and Network Security Coverage Third Party Coverage Side A Excess D&O Liability Coverage Network Security Liability Coverage Privacy Liability Coverage Regulatory Proceeding Coverage Internet Media Liability Coverage First Party Coverage Digital Asset Loss Coverage Business Interruption Loss and Dependent Business Interruption Income Loss Coverage Network Extortion Threat and Reward Payments Coverage Privacy Breach Expenses Coverage Notification Drafting Letter Printing or Design Mailing Notification by Substitute Means Public Relations Advertising Press Releases Forensics Cost to investigate the breach Cost to contain the breach Legal Data Breach Attorney Defense of claims or suits Payment of judgments or settlements Privacy Breach Expenses Identity Monitoring Credit Freezes and Thaws Identity Monitoring Call Center 5 Pre-Loss Control Services 6 Key Terms and Conditions Separate Network Security and Privacy Liability coverage grant; Privacy coverage includes non-public personal information and confidential corporate information in any format; PII not defined as Last Name, First Name in combination with SS# etc. Identity Monitoring versus Credit Monitoring Regulatory Proceedings Coverage extends to both Privacy and Network Security; Privacy breach expenses including notification, legal, public relations, forensics, identity monitoring and call center services; Coverage for the insured’s liability arising from the actions of independent contractors and third party service providers; Severability of application for individual insured persons, with only the knowledge of specified executives imputed to other insureds; Carve backs in exclusion such as Dishonesty, Insured versus Insured, ERISA and EPLI. 7 Losses in the marketplace HealthNet $10M limit with a $1M SIR for $485K in premium March 2011 - Nine unaccounted server drives with personal information for 24,599 CT residents $6.6M total incurred. TRICARE/ SAIC $15M limit. Premium unknown. Open Claim September 2011 – Theft of unencrypted back up tapes containing information on 4.9M TRICARE members stolen from the car of an SAIC employee. Eight class actions filed demanding $4B against TRICARE and SAIC. Heartland $20M limit with a $1M SIR. Premium unknown Payment May 2008– Third party hacker gains access