Episode 6: Cyber insurance - everything you need to know

GDPR Now!

Karen Heaton/Data Protection 4 Business

Dlp, Gdpr, News, Data Protection, It Security, Privacy, Business News, Data Protection Officer, Business, Management, Outsourced Dpo, Gdpr Now, Personal Data, Cyber Security, Data Breaches, Gdpr Now!, Data Security

4.8 • 11 Ratings

🗓️ 15 August 2019

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

About this episode. Cyber insurance is key to managing data protection risks. In this episode, we take a look at how cyber insurance works, what risks it covers, and how best to buy it. GDPR Now! Is brought to you by This Is DPO. www.thisisdpo.co.uk. Guest/s Richard Spragg [email protected] www.rfib.co.uk Host Mark Sherwood-Edwards [email protected] Materials 2018 Cost of a Data Breach Study: Global Overview Ponemon Institute www.ibm.com/security/data-breach On breach and planning for breach, see also: https://thisisdpo.co.uk/2019/02/04/preparing-to-deal-with-a-data-breach-the-role-of-the-dpo/ Questions, suggestion for improvement, ideas for issues to be covered in future episodes, or if you would like to appear one of our podcasts, please contact us at [email protected] Guest: Richard Spragg.

Transcript

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0:00.0	Welcome to another episode of GDPR Now, a podcast dedicated to GDPR and all things privacy.
0:06.8	GDPR now is brought to you by This is DPO.
0:10.1	And this week we are looking at cyber breach insurance, cyber insurance, what it is, how you should buy it, how you should notify under it if you have a claim.
0:21.6	Your host this week is Mark Sherwood Edwards, that's me, and in this studio I have Richard Sprang
0:27.6	of London City Insurance Brokers RFIB Group Limited, I think it's their formal name, they're known as RFIB.
0:35.6	Richard, why don't you introduce yourself and tell us a bit
0:39.4	about what you do as a broker? Yeah, I've been in the cyber insurance area for the last 17 or 18 years.
0:50.5	It developed out of professional indemnity tech, technology errors and emissions, and it developed
0:58.8	into its own product line. So I came to RFIB about 12 years ago and we've started a practice
1:09.1	within the last five years really running a dedicated cyber operation. We specialise
1:18.0	in SME business, but that could be, depending on where you are in the world, it could be
1:23.3	with revenues up to $250 million in certain territories like the US but some and obviously slightly
1:30.9	smaller as we go around the world so we've developed a product in conjunction with a number of
1:37.9	insurers which would cover amongst other things privacy and the like but it also covers the business
1:45.9	interruption etc etc but I think privacy is what we're talking about
1:49.2	primarily yes that's right and let me get this understand it so the function of
1:54.5	the broker is to represent the client the companies looking for the insurance,
2:01.6	vis-a-vis the person who actually can provide insurance
2:03.6	and your job is a broker to make sure that they are,
2:06.6	well, to get the best price,
2:08.6	but also to make sure the insurance that they purchased
2:11.6	is appropriately configured, the right shape, the right issues.
	...

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