EASILYDIGESTIBLEDIGITALINSIGHT
#digitalbites @digital_bites
Do you really need cyber liability insurance?
• Quick introduction
• What is Cyber Liability risk?
• Some well known cases
• How would Cyber Liability have helped?
• Who is at risk?
• How can you stop it and other thoughts?
10 minutes Bite Sized explanation
Risk
Risk Management
I have peace of
mind
Risk Management and Insurance
Your Risks: • Cyber Loss or Damage • Business Interruption or Extra Expenses • Cyber Theft • Cyber Extortion
What is cyber liability insurance?
The highlights from this incident:
• Complete crash of RBS, NatWest & Ulster Bank’s payment system for four days;
• Complete failure to register payments;
• Bank extended hours at 1,200 branches;
• Compensation agreed for any/all who suffered financial loss;
• Expected final settlement over £170,000,000
“Failed Automated Software” RBS/NatWest June 2012
Your risk from others:
• Cyber Media Liability • Privacy Liability • Cyber Security Liability • Breach of confidentiality
What is cyber liability insurance?
The highlights from this incident are as follows:
• Two separate data breaches in April and May 2011 lead to over 100 million individuals details "exposed";
• 12 million credit and debit cards compromised;
• Estimated to spend US$180,000,000 just on these breach related costs; and
• UK Information Commissioners Office fined them £250,000 in January 2013 for "preventable data breach".
“Sony Playstation suffers massive breaches” April 2011
Any company that stores, manipulates,
or transmits data is at risk of a cyber or physical theft event
Who is really at risk?
• Cyber policies cover businesses whether they are negligent or not (so no need to have been negligent).
• Physical loss of data account for 45% of losses – lost laptops and data sticks.
• There were 855 data breaches reported in 2011.
A few more thoughts
• Some insurers immediately provide PR support – often the first issue.
• There are 5 leading insurers.
• Costs: Below £1m t/o company: £500k limit, premium £1,802 £5m t/o company: £1m limit, premium £4,452
A few more thoughts
• You can’t – Sony couldn’t – if people are determined…
• Risk management: Better firewalls, policies to control staff, continuity plans or not use the internet…
• If it’s news, then it’s on Twitter, and before you know, everyone else does…
How can you stop it?
• Mistakes do happen – we have seen lots of well known cases now.
• Botnet attacked Wordpress two weeks ago, whilst I was writing this presentation.
• There is a word called “Hackivism”.
How can you stop it?
Happy to take any questions
Questions
Thank you � Next Digital Bites – 23rd May
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