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Message from dwscott@fhu.edu

We're about to review our liability coverage for cyber events and before we got started I wanted to see how involved any of you had been in this process at your institutions, and what you found? Please share your experience and findings. Thank you, -- David Scott Freed-Hardeman University dwscott@fhu.edu 731.989.6434

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David, The risk management department at my institution handled the initial screening of product offerings and I helped evaluate their choice. We've recently purchased a breach response policy from Beazley (insurance carrier is Lloyds of London). Key items covered are: ● Privacy breach response services using pre-determined vendors contracted with the insurer: - Notification to individuals affected by breach - Credit monitoring for those individuals - Identity theft resolution services for individuals enrolled in credit monitoring who actually become victims of identity theft - Outside forensic/investigative and legal assistance (should we request these) to help determine the extent of the breach and the steps needed to comply with applicable laws - Outside public relations/crisis management assistance (should we request this) to, for example, respond to adverse publicity or media attention ● Privacy liability coverage ● Costs associated with response to a regulatory proceeding resulting from an alleged violation of privacy law causing a security breach. Hope this helps. -Shirley Shirley C. Payne, CISSP, CRISC Assistant Vice President for Information Security, Policy, and Records University of Virginia Charlottesville, Virginia 22904-4898 (434) 924-4165
We recently worked with a broker and found only 2 carriers to choose from. The coverages were different and the broker did a great job of distilling down the differences leading to an easy choice of who to go with. The prices were not significantly different. Surprisingly the better policy was cheaper at the level of coverage we wanted.

Both carriers were a little light in their coverage amount for PII breach coverage so we adjusted this up along with the coverage for regulatory proceedings. We offset some of this be decreasing coverage for network extortion.

One thing that stood out for me was while this insurance will cover events originating from anywhere but OFAC list countries we have seen a shift in threat activity in the last few years. It is increasingly motivated by ideology and/or state sponsored. Since most of these policies have exceptions for acts of terrorism and war how will claims for ideology motivated acts, intellectual property thief or DoS that are state sponsored be treated. Will insurers call them terrorism or acts of war to avoid the liability when they have the same impact.

Nathan

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