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The History of Cyber Insurance The Evolution of Cyber Products

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Page 1: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

The History of Cyber Insurance

The Evolution of Cyber Products

Page 2: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

TheLate90’s

• Thefirstcyber/internetpoliciesstarttoappearinthemarket.–Manytakecreditforforwritingthefirstcyberpolicy.

• SomeofthefirststandaloneproductsonlycoveredliabilityfromaHackofa3rd Party.

Page 3: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

Early2000’s

• Laterversionscoveredbreachesoccurringattheinsured.– Theyhadmanyexclusions:• RogueEmployee• Regulatory• Fines&Penalties

– NoFirstPartyCoverage

Page 4: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

Mid2000’s

• AddedCoveragefor1st Party– CyberBusinessInterruption– CyberExtortion– NetworkAssetDamage

• AddedsublimitforHIPAALiability

Page 5: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

CASecurityBreachInformationAct

• EffectiveJuly1,2003• RequiresabusinessoragencythatconductsbusinessinCAtonotifyaffectedresidentsofCAofanybreachifpersonalinformationwasorisreasonablybelievedtohavebeenaccessedbyanunauthorizedperson.

Page 6: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

CASecurityBreachInformationActcont.

• PersonalInformationmeansanindividualsfirstorlastnameincombinationwithaSocialSecuritynumber,driverslicensenumber;oraccount,creditordebitcardnumberinconnectionwithanaccesscodeorpassword.

Page 7: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

Theresults

• Manystatesfollowinaddingsimilarlaws.• Thisresultedinnewcoveragesbeingoffered.• New1st PartyCoverages:– ITForensics,PR,CreditMonitoring/Repair,CustomerNotification.

• New3rd PartyCoverages:– RegulatoryDefense&Fines/Penalties

Page 8: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

Late2000’s

• Manyofthenewcoverage’sofferedwereonlyavailablewithstrictsub-limits.

• Thismadeexcessplacementsdifficult.• Eachcarrierhadaverydifferentappetite• Eachcarrierhaddifferenthotbuttonissues• EachcarrierhadverydifferentviewsonCyberRisk.

Page 9: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

2010’s

• Thenumberofcarrierswithstandaloneproductshasgrownorthof50intothe60’s

• 2014– YearoftheretailBreach• 2015– YearoftheHealthcareBreach• Productscontinuetoevolve• Carriershavechangingappetitesinresponsetobreaches

Page 10: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

StateoftheMarketin2016

• Leadingcarriersinabetterpositionthanthosewithsmallmarketshare.

• Pricingisstillvolatile.• Coveragetermsstilldiffergreatly.• MovementtowardsprovidingmoreRiskManagementServiceswiththepolicy.

Page 11: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

StateoftheMarketin2016cont.

• Therearemanydifferencesbetweensmallbusinessandlargeaccounts.– Asfarastherightmarket– Asfarasthenumberofquestionsasked– BroadCoveragevs.Narrow/Skinnycoverage

• Realexpertiseishardtocomeby.

Page 12: The History of Cyber Insurance 041316V1 - prowritersins.com · – Many take credit for for writing the first cyber policy. ... – IT Forensics, PR, Credit Monitoring / Repair, Customer

ClosingAdvice

• Findsomeonewithrealexpertiseandgoodrelationshipswithalotofcybermarkets.– Usetheirexpertisetoexplaintheexposureandsellthecoverage

• Talktoeveryclientaboutthis,aseverybusinesshasthisexposure.

• Thedevilisinthedetail,knowtheforms.


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