Busty DesiâĄCall Girls in Vasundhara Ghaziabad >àŒ8448380779 Escort Service
Â
Cyber Insurance
1.
2.
3. BIG DATA BIGGER RISKS
Increased use of electronic data - Smart phones,
laptops, credit cards
Cloud Computing - Concentration of large
amounts of data in one place
Stringent laws related to data breach â
Section 43 A IT ACT (India), Sectorial laws
regulation by SEBI and RBI (India ), The Financial
Services Modernization Act (U.S.) HIPAA (U.S.),
EU directives
Too Big to fail âŠâŠ?â No. of records
compromised
1.Ebay â 145 Mn
2.Target â 70 Mn
3.Adobe â 152 mn
4.Sony PSâ 77 Mn
5.Yahoo Japan â 22 Mn
6. Real life incidents
1. Commercial bank (over $5B in revenues, over
$200B in assets)
Lockbox containing backup tapes were lost in transit with
tens of millions of personal data
Over $10MM in crisis management has been paid to
date
Consumer class action suit has been brought
2. Online retailer (over $5B in revenues)
Hacker accessed a server and obtained personal
information of over 17 million customers
Posted 2,000 records on a blog as proof and demanded
over $1MM to not release the data
To date over $1.5MM spend on Crisis Management
expenses including notification and forensics
Two class actions have been filed
3. Internet services company (about $1.5B in
revenues)
Unauthorized access led to viewing and
downloading of personal information
Multiple class actions have been filed
Over $200,000 to date in defense
4. Credit card processor (over $1.5B in
revenues)
Employees allegedly accessed customer
information of a client to make fraudulent
transactions
7. CYBER CRIME INSURANCE VS
OTHER LIABILITY POLICIES
Letâs look at some policies which are usually
bought to manage business exposures.
I.Errors and Omission
II.Commercial General Liability
III.Crime Insurance
Coverages PI/CGL/Crime
insurances
Breach response costs No
Legal liability to others for
loss of data
Partial
Intellectual property
infringement
Partial
Loss of revenue due to
network breach
No
Regulatory investigations
and civil fines and penalties
No
Cyber Extortion No
8. HOW THE CYBER POLICY
OPERATES ?
ï§Breach response costs
ï§Proactive forensic services, credit monitoring
and cost of recreating data
ï§Crisis Management Expense
ï§Business interruption losses due to breach
ï§Ransom and security consultant costs
ï§Legal fees in connection with investigation
ï§Fines resulting from regulatory investigation
ï§ Liability of Loss of confidential information
of individuals as well as corporates
ï§ Failure of network and information
security to prevent the transmission of
computer viruses or the penetration of a
hacker
ï§ Infringement of a copyright by your
website content
Professional Indemnity Insurance
HOW THE CYBER POLICY
OPERATES ?
ï§Breach response costs
ï§Proactive forensic services, credit monitoring
and cost of recreating data
ï§Crisis Management Expense
ï§Business interruption losses due to breach
ï§Ransom and security consultant costs
ï§Notification costs
ï§Fines resulting from regulator
FIRST PARTY THIRD PARTY
9. WHO ARE THE VICTIMS?
Businesses should buy Cyber insurance if
ï§Their business activity is dependent upon IT
systems
ï§Confidential data is handled in the course of
business
ï§They have significant online presence and
operations
ï§They process electronic payments
ï§Are required to do so contractually
10. HOW CAN PRUDENT ASSIST ?
Prudent has a specialist team of risk advisors including
6 dedicated liability lines professionals and 3 lawyers
as full time employees
We can help you in
ï§Arranging a review of the your IT systems through
security experts
ï§Identifying gaps in your current insurances
ï§Designing a customized coverage solution for your
cyber insurance needs
ï§Arranging the most cost effective cover from
insurance and reinsurance markets
ï§Ensuring contract compliance from an insurance
perspective
ï§Assisting you with the claims management in case of
such an even
Insurance
Retention
11. Ajit Singh Dhingra Managing Director
Ajit@PrudentBrokers.com
Â
Pavanjit Singh Dhingra Chief Executive Officer
Pavan.Dhingra@PrudentBrokers.com
Alda Dhingra Vice President - International Businesses
AldaDhingra@PrudentBrokers.com
Vijay Rampal Senior Vice President & Principal Officer
Vijay.Rampal@PrudentBrokers.com
Sanjay Vig Vice President - Liability & Specialty Lines
Sanjay.Vig@PrudentBrokers.com
Vikas Singh Vice President - Reinsurance
Vikas.Singh@PrudentBrokers.com
Mandar Dalvi Vice President - Reinsurance, Structured Products & Advisory
Mandar.Dalvi@PrudentBrokers.com
H V Karkare Vice President - Reinsurance
HV.Karkare@PrudentBrokers.com
Tanuj Gulani Vice President - Specialty Lines
Tanuj.Gulani@PrudentBrokers.com
In India there are about 40 policies which have been sold so far. Out of this about half are by technology companies about 10 for financial institutions, 5 for e commerce businesses and rest is a mix of other services and manufacturing. We are seeing a huge demand for such coverages driven both because of contract compliance and increase for risk in India.