3. Percentage of Americans
who are online
Average number of hours
spent online each day
Number of years it took the
Internet to reach 50 million users.
It took radio 38 and television 13.
78%
4+
4
Percentage of the world’s
population now using Facebook
16%
Number of US married
couples who met online1 in 8
4.
5. 10 Things the Internet Has Killed or Ruined…
7. Nigeria’s Reputation
PCWorld.com
20. • Pure play internet business models
• Privacy related regulations
• High fraud / crime risk
• Large customer bases
• Storage of very sensitive data
• High profile targets
• Blended online / offline
• Storage of sensitive data
• Highly connected
• Heavy reliance upon systems
• Incidental exposure
• Brochure websites
• Office-based
• Sensitive data
Social
Networks
Banks
Hospitals Gambling
Travel Agents
Universities / CollegesRetailers
Movie Theaters
Charities
Accountants Recruitment Consultants
Logisitics
ManufacturingLawyers
Insurance Agents
High Risk
Medium Risk
Low Risk
Payment Processors
Energy / Utility Companies Hotels
Restaurants Medical Clinics
Public Entities
Financial Advisors
Airlines MSP / ASP / ISP
IT Consultants
DistributionArchitects Engineers
24. “All animals are equal,
but some are more equal
than others.”
George Orwell, Animal Farm
cyber policies
25. • Privacy liability
• Virus / hacking liability (cyber liability)
• IP infringement / defamation (media liability)
• Content liability / Errors & Omissions
• Privacy breach notification
• System damage
• Business interruption
• Cyber crime
• Brand protection / crisis management
Third party
liability
First party
loss
26. Virus / hacking (cyber) liability
Extends to cover contractors, vendors and hosting
providers
Covers a computer virus “in the wild”, not just specific
Avoid “other insurance” provisions
27. Privacy Liability
Avoid sub-limits for regulatory actions
Full worldwide jurisdictional cover
No contractual liability exclusion
Avoid hard-coded definitions of PII or sensitive data
Include cover for fines and penalties (where insurable)
28. Privacy breach notification
Full voluntary breach notification
Separate limit available for breach notification
24/7 expert claims response
Coverage for credit monitoring, forensic consultants, call cente
Type of breach covered: paper / electronic, fault / no-fault
29. Multimedia liability
Ensure not restricted to just the insured’s website and
email
Cover for social media liability and “corporate” blogging
Cover for digital content, regardless of distribution
channel
Seek cover on an “all risks” basis (except patent)
30. System damage
“All risks basis” not just named perils
Avoid “security breach” trigger
Include staff overtime and additional cost of working
No exclusion for lack of risk management
Extends to cover perils at an outsourced or cloud
provider
31. Business interruption
Financial retention v time retention
Scope of perils covered
Extends to cover perils at an outsourced or cloud provider
At least a three month indemnity period
Coverage for contingent loss of future sales
33. Cyber crime
Employee crime or third party crime
Cover for cyber threats and extortion
Third party theft of electronic funds
Cover for telephone hacking
Cover for phishing scams
34. Other key considerations
Retroactive date and cover for prior acts
“Pay on behalf of” v “Reimbursement” language
War and terrorism exclusions
Extent of encryption warranties
Risk management conditions