Monday, May 01, 2017
   
Insurance Sidebar :: Amy Stewart PC’s Law Blog on Insurance Coverage Issues Minimize

Category: Risk Management

Quantifying Your Cyber Risk

There was an excellent article in the October 5 Harvard Business Review on evaluating cyber risk. If your business is in the process of quantifying its cyber risks – and every business should be – the article “Can You Put a Dollar Amount on Your Company’s Cyber Risk?” is a must-read.

Highlights from the article are summarized below, but, first, keep in mind two major concepts when purchasing cyber insurance:

1)   Be careful what you tell your insurance company you’ll do to prevent data breaches as those promises can come back to bite you if those policies aren’t followed to the letter (and since so many breaches are linked to human error, they almost never are);

2)   Because cyber is such a new and evolving area of risk, and there is so little standardization among policies, there is room for negotiation when purchasing a cyber policy.

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Employment practices liability insurance: a primer

In the mid-1990s, standard general liability policies began excluding coverage for employment risks. Since that change, insurance specifically for employment-related liability has been a standard component of corporate insurance portfolios. 

Although some businesses elect not to shift employment risks to an insurer, many purchase employment practices liability (EPL) coverage to protect the company, its executive team, and other employees from lawsuits filed by employees, former employees, and applicants asserting employment claims.


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(Risky) Businesses face millions in cyber losses – even with insurance

It’s clear that businesses are aware of the risks posed by cyber breaches, given the growth of the cybersecurity industry and the growing number and variety of insurance products available to help companies recover from cyber attacks. 

Still, there’s plenty of room for growth, according to a recent report titled "The Cybersecurity Risk to Knowledge Assets,” a joint effort of the law firm Kilpatrick Townsend, and Ponemon Institute LLC. The bulk of the 35-page report is devoted to the potential loss of “knowledge assets” (i.e. trade secrets and other confidential information) in a cyber breach, but it also includes some interesting notes for those of us who follow the cyber insurance world. 

According to the report, 60 percent of businesses surveyed either have cyber insurance (29 percent) or plan to get it within the next year (31 percent). 

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Avoid these 7 insurance pitfalls

Every business needs insurance – just in case the unthinkable (or the oh-so-thinkable) happens. Here are seven common mistakes policyholders make (but you can avoid):

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Buying cyber insurance can strengthen data security (with a caveat)

Excellent story in today’s Insurance Law360 (subscription required) about yesterday’s cybersecurity hearing at the U.S. House of Representatives' Homeland Security Committee. The hearing was a Cyber Insurance 101 for committee members, with cybersecurity and cyber insurance experts from various companies helping to get members up to speed on the growing risk of data breaches.

One of the main lessons from the hearing was that the mere presence of cyber insurance policies has strengthened data security because they promote “discussions about data security measures across a company's departments.”


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Risk Management for Construction Vendors

Amy Stewart Law Principal Tarron Gartner-Ilai just published a blog post on Construction Today. Her column, "Risk Management for Vendors," walks project managers through the key steps of a risk management program for vendors and suppliers.

Of the risks associated with a construction project, the tried and true are time and money: is the project on schedule and will the costs of completion exceed the projected bid, or not?

Dozens of factors, both within and outside the project manager’s control, can affect the project’s outcome. Staying on the critical path is much like traversing a tightrope on a unicycle … while juggling elephants.

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Tarron Gartner-Ilai offers ‘MoneyTalks News’ Halloween tips for homeowners

Halloween kicks off the year-end holiday season, and it does it in the best way possible: with lots of chocolate. But with possibly hundreds of visitors traipsing across your lawn – in the dark – the chance of accidents and other mishaps can make even the most Halloween-spirited homeowner nervous.

In a recent interview with MoneyTalks News, Amy Stewart Law Principal Tarron Gartner-Ilai offered some tips for minimizing the risk for those of us who enjoy having little superheroes, zombies and pirates asking us for candy.

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Amy Stewart Law is a boutique law firm that represents policyholders in insurance coverage litigation and bad faith, with an emphasis in directors & officers liability, cyber insurance, fiduciary liability, professional liability and other specialty liability coverages.


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  • insurance coverage litigation
  • bad faith litigation
  • policy interpretation & analysis
  • insurance review & planning advice
  • advice | insurance disputes
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