Granite Workshop November 8th - Cyber Security
You are invited to attend Granite's Upcoming Compliance Workshop: CYBER SECURITY
Your General Liability Insurance DOES NOT cover Cyber Liability/Data Breaches!
Workshop Description:
Your General Liability Insurance DOES NOT cover Cyber Liability/Data Breaches!
There’s confusion and misunderstanding about which insurance policy offers what protection. For example, P.F. Chang's found itself in legal quicksand when it tried to use a General Liability policy to cover the legal costs of its prolific data breach. Little did the restaurant chain know, only Cyber Liability Insurance covers data breach expenses when a virus or hacker causes the breach.
Join us to help clear up insurance conundrums once and for all. At our next workshop, we’ll explore the difference between General Liability and Cyber Liability Insurance and provide tips for ensuring your business has adequate data breach coverage.
Date: Thursday, November 8th, 2018 Time: 12-1 PM PST
Location:
Granite Insurance Brokers 6600 Koll center Parkway Pleasanton, CA 94566
Lunch Included
(Seating is Limited)
Standalone Cyber Insurance Stands Alone for a Reason!
Cyber Liability Insurance has one BIG purpose-to help businesses respond to the financial aftermath of a data breach. There are two versions of this policy:
First-party response. This type of Cyber Risk policy can cover the cost of notifying affected parties about the breach, funding PR measures to rebuild your business's reputation, offering credit-monitoring services, and more.
Third-party defense. This type of Cyber Liability policy can cover legal expenses if your business is sued over a data breach.
According to a study by Kaspersky Lab, a small business can easily see a loss of $86,000, while bigger companies can expect to face costs of up to $861,000 depending on the circumstances. These are just the numbers for a single attack. If a business suffers two or more attacks, it will most likely be unable to recover. This does not include the risk of facing a class action lawsuit from the individuals who suffered from a loss of data because of the cyber-attack.
CYBER CLAIMS ARE ON THE RISE…
An Alarmingly, 55 percent of small businesses have experienced some form of a cyber- attack in the past 12 months. Even more astonishing, 60 percent of small businesses that experience cyber theft have to close their doors within six months.
JOIN US TO LEARN HOW TO ASSESS YOUR RISK, IDENTIFY EXPOSURES AND CHOOSE THE RIGHT CYBER POLICY TO PROTECT YOUR BUSINESS!
In this workshop we will cover:
Overview of Cyber Landscape
Ransomware and prominent threats including phishing & social engineering
Cyber Incident trends
Evolution of cyber risk and cyber insurance coverage
What constitutes a breach
Types of Breaches & How They Occur
Costs Associated with a Breach
Claim Scenarios
How a Cyber/Crime policy fills the gaps of traditional insurance policies
Risk Management Ideas
Workshop Leader: Carole Brown
Carole Brown is a broker at Brown & Riding Insurance services. She has been in the insurance industry for 30 years and 28 of those years has been specializing in Cyber Liability, Professional Liability, D&O, EPL, Fiduciary and Crime Coverages. She received her CPCU in 1996 and her ASLI designation in 1997. She has been a member of the Northern California PLUS Chapter Committee from 2005-2010. She also teaches Executive Liability Courses.
