Data security breaches continue to occur not only with alarming frequency, but also with significant severity. It is no longer unusual for single incidents of a data breach to involve the compromise of several hundred thousand and perhaps even millions of records involving personal information. These breaches may also not be discovered for considerable lengths of time.
Perpetrators of data breaches include amateur hackers, political and social activists, organized crime gangs and even nation-states. While intuition might suggest that larger, more sophisticated organizations would be able to fend off attacks, the reality is otherwise, as major US banks and government organizations (including the CIA and State Department) have all been hacked. In addition to data breaches, liability exposures can include trademark, copyright and/or patent infringement. Further, cyber threats are evolving at breakneck speeds, as the sophistication of hackers improves.
Any company that collects and processes customer data, maintains databases that contain sensitive information critical to competitive survival, and/or conducts internet and/or cloud-based operations needs cybersecurity insurance. This means nearly every organization is a candidate for this coverage, and yet most organizations do not have cybersecurity insurance or a robust cybersecurity risk management plan.
This course reviews the scope and extent of the cyber security threat, and the perils that it exposes organizations to. This framework is intended to justify the need for cyber insurance coverage. The course then reviews major coverage provisions found in most cybersecurity insurance coverages forms.
As a result of this program, the producer will: