Sunday, May 7, 2017

Inception Session: Cyber Risk Panel

Inception is nearly upon us (May 15-18 in San Francisco). We've previously covered the extensive risk content which will be presented as part of the main conference program.

I wanted to take a moment to spotlight a lunch track briefing sponsored by Paragon. The session will ask and answer: "Is Reputation Damage Insurable in Cyber Insurance?" --
  • "Possibly one of the biggest “cyber” exposures a law firm faces is to its reputation and there is a common misunderstanding that reputational damage cannot be insured. This is not entirely correct, reputation loss can be insured when framed within the prerequisites of insurability, i.e., that loss is a) fortuitous, b) calculable & c) definite."
  • "Loss arising from a data breach, network security or cyber event can certainly be fortuitous; the main challenges to insurability are therefore 1) agreeing a monetary value to reputation and 2) agreeing a period of loss which is definite. There are cyber policies which now provide coverage for loss of income arising out of adverse publicity following a data breach."
A panel of expert speakers will play various roles in an interactive review of the topic:
  • Lyndsey Bauer, Partner - Paragon International Insurance Brokers Ltd
  • Dixon Grier, Partner – MDD Forensic Accountants
  • Christina Terplan, Partner – Clyde & Co
  • Lisa Phillips, National Practise Advisor – Wells Fargo Insurance
(I've received a preview/overview last week and am now very curious to see how it plays live...)

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