Best’s News & Research Service - January 11, 2017 12:05 PM (EST)
A.M. BestTV: Cyber Exposures Trigger Wider Range of Legal Risks
- January 11, 2017 12:05 PM (EST)
Oldwick //BestWire// - In this A.M.BestTV episode, legal and insurance experts review the emerging range of cyber exposures and explain why the industry is still in the early stages of understanding these risks. Click on http://www.ambest.com/v.asp?v=cyber117 to view the entire program.
With cyber breaches, intrusions and disruptions becoming more frequent, organizations face a rapidly widening array of legal, regulatory and market exposures.
“Every state has created some type of cyber legislation and that is a moving target,” Fred Karlinsky, shareholder and co-chair of the Greenberg Traurig Insurance Regulatory and Transactions Practice Group, Greenberg Traurig LLP. “Also, there is a broad range of state and federal cyber legislation and regulation around the United States, which may range from minor to significant obligations for a company. All of these are issues companies need to be cognizant of.”
Lori Nugent, shareholder, Greenberg Traurig LLP, addressed the financial impact a cyber breach could have on a company. Citing a recent study, she said, “The average total cost of a cyber breach for a company is $4 million. A cyber breach is not something a company likely will have in its line-item budget, so although this data is evolving, this is a significant number for most companies.”
To view this entire webinar, titled, “Understanding the Changing Legal Implications of Cyber Liability,” visit http://www.ambest.com/webinars/cyberliability16 .
Other people that appear in this episode:
- John Knight, partner; Morrison Mahoney; and
- Robert Parisi, senior vice president; Marsh.
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.A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View A.M.BestTV episodes at http://www.ambest.tv.
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