Insurance Coverage for Data Security Breaches

Evaluating Policy Options, Overcoming Coverage Challenges, Analyzing Litigation Trends

85% of businesses have experienced a data security breach

Recording of a 90-minute CLE webinar with Q&A


Conducted on Wednesday, October 21, 2009

Recorded event now available

or call 1-800-926-7926
Program Materials

This seminar will provide an overview of trends in data breach litigation and liabilities and analyze how standard and specialty business insurance policies may provide coverage for data breach liability. The panel will discuss best practices for litigating coverage disputes for data breach losses.

Description

Lawsuits for data loss and security breaches are common and damages claims are high. This year, the VA paid $20 million to settle a class action alleging identity theft from a lost laptop. TJX Companies recently agreed to a $9.75 million settlement for a data breach of customer credit card accounts.

While a strong data loss and privacy policy can reduce risk, insurance is a critical component of loss mitigation. Most theories underlying data breach suits are negligence, which can trigger potential coverage under existing business insurance policies.

Specialty insurance covers intangible exposures such as system disruption, lost or damaged data, invasion of privacy and IP infringement. First Bank's recent suit against Chubb for coverage under its CyberSecurity policy highlights some defenses an insurer can use to dispute coverage.

Listen as our panel of insurance attorneys discusses trends in data breach litigation and how to examine existing business policies to determine level of coverage. The panel will review defense and plaintiff approaches to litigating coverage disputes arising from data breaches.

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Outline

  1. Trends in data breach litigation and liabilities
  2. Analyzing scope of coverage
    1. What is typically covered
    2. Limits
    3. First and third party options
    4. Factors insurers consider when issuing policies
    5. Exclusions
    6. Specialty cybersecurity policies
  3. Litigating coverage disputes for data breach losses

Benefits

The panel will review these and other key questions:

  • What should companies look for in existing business insurance policies before considering specialty cybersecurity insurance?
  • What traditional business policies are likely to yield the most effective coverage for data breach losses?
  • What defenses are likely to be raised in coverage dispute litigation—and how can counsel effectively overcome these challenges?

Faculty

Joshua Gold
Joshua Gold

Shareholder
Anderson Kill & Olick

He has represented numerous corporate and non-profit policyholders in various industries, with recoveries for his...  |  Read More

Donna L. Wilson
Donna L. Wilson

Partner
Kelley Drye & Warren

As a founding partner of the firm’s nationally-renowned Insurance Recovery Practice, she assists corporate and...  |  Read More

Joan D'Ambrosio
Joan D'Ambrosio

Partner
Clyde & Co.

She practices in the area of professional liability representing professionals and their insurers regarding coverage...  |  Read More

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