NTXISSA Cyber Security Conference – November 10-11, 2017 @NTXISSA #NTXISSACSC5 The Essentials of Cyber Insurance: A Panel of Industry Experts Patrick Florer Risk Centric Security, Inc. Co-Author: NetDiligence Cyber Claims Report & Ponemon Contributor Mark Knepshield Insurance Broker, Specializing in Cyber McGriff, Seibels & Williams John Southrey Director of Prod. Development, Specializing in Cyber Tex. Med. Liab. Trust Shawn Tuma (Moderator) Cybersecurity & Data Privacy Attorney Scheef & Stone, LLP
Transcript
NTXISSA Cyber Security Conference – November 10-11, 2017 @NTXISSA #NTXISSACSC5
The Essentials of Cyber Insurance:A Panel of Industry Experts
NTXISSA Cyber Security Conference – November 10-11, 2017 @NTXISSA #NTXISSACSC5
Speakers
3
Mark KnepshieldSenior Vice President
Financial Services Division
McGriff, Seibels & Williams, Inc.
• Mark specializes in cyber liability insurance placement and claim handling.
• Mark assists clients on implementing strategic incident response and breach preparedness plans.
• Mark’s experience includes cyber insurance claim workouts on a number of high profile breaches and as well as the expected financial impact to companies.
• Mark is a frequent speaker at insurance industry and financial services related events around the country.
• McGriff Seibels & Williams, Inc. is a subsidiary of BB&T Insurance Services, the 5th largest insurance brokerage house in the United States.
NTXISSA Cyber Security Conference – November 10-11, 2017 @NTXISSA #NTXISSACSC5
Speakers
4
John Southrey,
CIC, CRMDirector, Product Development & Consulting Services
Texas Medical Liability Trust
• Over 37 years in insurance industry and is a Certified Insurance Counselor and Certified Risk Manager.
• John leads the development and marketing of standalone cyber liability and technology errors & omissions liability insurance for medical-related firms and law firms at TMLT.
• TMLT (Texas Medical Liability Trust) (www.tmlt.org) is the largest medical professional liability insurer in Texas.
• In 2004, started with TMLT and worked in the Claims dept as claims supervisor, in the Sales department as a Sales Manager.
NTXISSA Cyber Security Conference – November 10-11, 2017 @NTXISSA #NTXISSACSC5
Role of cyber insurance in risk mgt.
In March 2016, the Cybersecurity and Infrastructure Protection Subcommittee (part of the U.S. Department of Homeland Security) at a hearing titled “The Role of Cyber Insurance in Risk Management” noted the following:
“The purpose of the hearing was to examine the potential opportunities to promote the adoption of cyber best practices and more effective management of cyber risks through cyber insurance.” https://homeland.house.gov/hearing/the-role-of-cyber-insurance-in-risk-management/
In March 2015, at a U.S. Senate hearing on “Cyber Insurance” it was also noted:
“Simply engaging in the process of seeking cyber insurance coverage can assist businesses to develop the correct approach to mitigate risk. Insurance can bring all relevant stakeholders in an organization together, encouraging an enterprise-wide risk management approach.”
NTXISSA Cyber Security Conference – November 10-11, 2017 @NTXISSA #NTXISSACSC5
What are the most common things not covered?
• What the most common things that insureds seem to expect would be covered but, in reality, are not covered?
• Warranties or exclusions in relating to the Insured’s failure to maintain the security of its computer network in accordance with industry standards or “best practices,” internal policies, and/or regulations. (These exclusions can defeat the purpose of the cyber insurance.)
