Cyber Insurance, 2nd Edition

Instructor

UIE

Phone

(253) 846-1155

Email

mail@uiece.com

Course Overview

This course looks at several things: recognizing what cyber risk is, coming to grips with the growth we will surely see in cyber-crime, learning what is available in cyber insurance coverage, and working with risk management (an element that is important to insurers). Cyber policies do not have a lot of history yet, so insurers are still determining the extent of their risk. Because they lack the data they would prefer to have for underwriting, exclusions in these policies are plentiful.

 

Cyber insurance is a form of liability insurance, making it a property/casualty issue. Some insurers are finding themselves addressing claims from policies that were not intended to cover cyber-crime, but if the policy does not expressly exclude cyber losses, they are likely to find themselves paying some of the claims.

 

  This course covers many issues that insurance producers are probably not familiar with, but they will be faced with many elements of cyber events and need to know what they are about. The course covers identification of cyber events, including losses through credit and debit cards, falsely filed federal tax returns, car theft by invading the computer systems the newer cars have, home invasion by criminals who know how to remotely open doors using home systems, identity theft by breaching data systems, and even breaches of insurers and insurance producer files. Agents themselves are likely to find they are targets of hackers because they gather so much personal information when filling out applications. When agents sell annuity products and long-term care, they are actually mandated to determine suitability issues by asking many financial questions and recording the data. All of this information is desired by hackers, whether for personal financial gain, identify theft (which is still financial gain, or to sell on the black market.

Course Schedule

Chapter

Subject

Description

Chapter 1

Identifying Cyber Risk

Is insurance needed?

Chapter 2

Growth of Cyber Risk

Dates of infamous hacks.

Chapter 3

Cyber Insurance Policy Provisions

NAIC Principles for effective Cyber-Security

Chapter 4

Cyber Risk Management

The Legal Side

Chapter 5

Emerging Future of Cyber Risks

Biometric Security, the insurerís role

Additional Information

None.