Cyber insurance is a hot topic among many but unfortunately, far too many companies are not getting any cyber coverage or are not getting the coverage they need for their risks.
This week I had the privilege of moderating a panel discussion targeted for in-house counsel that was titled “Making Sure It’s Covered: Cyber Insurance — What are the Practical Things In-House and Outside Attorneys Need to Know?”
For this discussion we had these amazing panelists sharing their unique industry expertise:
- John Loftus, Senior Vice President — Cyber Security & Privacy Risk, Willis Towers Watson (broker perspective)
- Steven Anderson, Vice President, Product Leader — Cyber, QBE North America (underwriter and carrier perspective)
- Matthew Ross, Claims Director, CNA Insurance (claims perspective)
- Michelle Mellon-Werch, Assistant General Counsel, Texas Municipal Retirement System (in-house counsel perspective)
Our objective was to give the attendees a broad understanding of cyber insurance so they know why it is important to have cyber coverage (and dispel some of the “fake news” about cyber insurance), how to get the right coverage, and how to properly use their insurance solutions before and after they have an incident. We covered these main topics:
Why cyber insurance is critical.
Overview of the insurance process, who the players are such as brokers, underwriters, and claims, and how they all work together in the overall insurance ecosystem.
Getting the right coverage.
The claims process.
Understanding how the panel of approved vendors works and why it is important to understand that before you have an incident.
Incident response planning and practice.
Many thanks to these outstanding speakers and to The Center for American and International Law for providing us with the opportunity to present this very important information at its outstanding 3rd Annual Cybersecurity & Data Privacy Law Conference, I am already looking forward to next year’s conference!