Critical Cyber Insurance Policy Clauses: Don't Let These Cyber Risks Slip Through!

INTRO
00:35 Real-World Scenario: United Health Group Pays Providers $3 Billion+ due to Cyberattack
04:07 How threat actors are using ransomware-as-a-service
04:58 Introduction of Speakers
IMPORTANT ELEMENTS OF CYBER INSURANCE
08:23 What’s really important for a company when it comes to insurance?
10:08 The importance of vendor due diligence
10:16 Make sure your contract has appropriate contract language
10:45 Make sure vendors have appropriate liability insurance
11:40 The concept of “Dependent Business Interruption”
12:21 Cyber Liability Policy: Its purpose
OFTEN EXCLUDED ELEMENTS IN A POLICY
13:47 What to cyber insurance policy elements are often excluded?
15:04 Bodily injury and property damage caused by a threat actor
15:45 Invoice manipulation/reverse social engineering, funds transfer fraud -
17:20 How Insurance will look like with the prevailing AI
18:38 Data breach-caused pockets:
- A real case scenario caused the firm to pay the following:
- Incident response
- Law firm retainer
- Actual ransom
- Loss of data indexing (occurring weeks after the incident)
20:48 - Regulatory defense and penalties, notifications for customers
21:11 - Business interruption component
POLICY CLAUSES TO WATCH-OUT
22:48 Wide-spread event indorsements, neglected software clause
23:37 What to do if you have old and unsupported operating systems
26:22 Medical providers running their lab machines on old systems, vulnerabilities
MITIGATING CYBER SECURITY RISKS
27:16 What we do to mitigate cyber security risks: Plan, strategy, affiliation, installation, documentation
INCIDENT RESPONSE
29:52 What to do if there's an incident? Incident response, claim recording
30:12 Importance of claim-reporting requirements; paper-based contact sheet containing incident response company, law firm for data breach, and relevant in-house personnel.
CONTACT US FOR ASSESSMENT OR TEMPLATE
31:22 Incident Response Plan for You: Email us to get a template for your company
31:59 Contact us for assessment of your cyber insurance policy