Turinas & Bird, LLC

Strategic Counsel for Cloud Based Technology Companies & Expansion

(646) 679 4313

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Cyber Insurance: Does Your Policy Cover Your Risk?

Your company might have cyber insurance but, unless you’ve carefully checked this policy, you might be surprised to learn that it does not cover the risks your company faces. Unlike other types of insurance which are fairly standard, cyber insurance is not uniform across carriers. Many polices contain exclusions and carve-outs which are buried in the fine print. Below are some of the questions to ask as you select the cyber policy that is right for your company.

Items Covered. Many companies are surprised to learn that not all costs incurred because of a cyber event are covered by their cyber insurance policy. In particular, you should review your policy to understand whether it covers costs related to:

1. Lawsuits
2. Regulatory investigations
3. Forensic investigations
4. Notifications to affected consumers (mandatory and voluntary)
5. Credit monitoring for affected consumers
6. Statutory and regulatory penalties
7. Data restoration
8. Business interruption costs
9. Public relations
10. Ransom
11. Indemnification of third parties for 1-10

Potential Exclusions. Even when coverage appears broad, buried within your policy could be certain exclusions of which you are not aware. The following are some questions to ask to help avoid that risk:

1. Definition of Covered information: Will coverage apply to all breached proprietary information or only Personally Identifiable Information?
2. Encryption exclusion: Does coverage apply if data is not encrypted?
3. Timing of coverage: Does coverage begin from the date an event occurs or from the date of discovery. It can take months or even years to learn that your network has been infiltrated. If your policy only covers events that occur as of the date of coverage, you’ll need additional coverage to protect you from earlier breaches that you might not have been aware of when you bought your policy.
4. Reasonably Foreseen: Ensure coverage does not exclude events that could have been “reasonably foreseen”.
5. Data outside insured network: Does coverage cover data in the cloud or on third party systems or does it only extend to data on your network?
6. Rogue employees: Does coverage include malicious acts by insiders?
7. Ransomware: Does coverage include cost of denial of service attacks?
8. Criminal Activity/Phishing: Does coverage include loss due to an employee being tricked?
9. Rogue States: Does coverage include state sponsored criminal activity?
10. Third Party Fault: Does coverage include breaches that occur at the vendor level? (i.e. if breach your hosting service is breached but you’ve promised to indemnify)

As cyber threats become more pervasive companies are beginning to realize that cyber insurance is a must. If your company has gotten to that point, there is no reason not to take the additional step of making sure that the policy you purchase gives you the coverage you expect.

Categories

  • Corporate Law
  • Data Security
  • Digital
  • Finance
  • Forming U.S. Subsidiary
  • HealthTech
  • HR Tech
  • Privacy
  • Uncategorized
  • Wearable Tech

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Our Latest Posts

  • October Executive Health Tech Roundtable
  • Cyber Insurance: Does Your Policy Cover Your Risk?
  • Europe’s New Data Protection Regulation: Far Reaching and Highly Punitive (even for US Companies)
  • Increasing M&A in 2017 Predicted, Benefitting Technology Companies such as Digital Health
  • The Hidden Cost Of Non-Prescriptive Cybersecurity Regulation: Have Regulators Begun To Catch On?

Client Testimonials

Turinas & Bird, LLC
"When I am considering hiring a lawyer, I look at whether they spend time to assess my pain factors, listening to what our needs are going to be. I want problem-solvers rather than over-analyzers, who understand my priorities as well as my issues. Other lawyers look solely at legal issues. Turinas & Bird looks at both the legal issues and practical issues, and then form a strategy. Among other things, I rely on them as an accessible sounding board. They function as our outsourced general counsel."
Bruce Groves President, Emilcott Associates, Inc.
Turinas & Bird, LLC
"When I am considering hiring a lawyer, I look at whether they spend time to assess my pain factors, listening to what our needs are going to be. I want problem-solvers rather than over-analyzers, who understand my priorities as well as my issues. Other lawyers look solely at legal issues. Turinas & Bird looks at both the legal issues and practical issues, and then form a strategy. Among other things, I rely on them as an accessible sounding board. They function as our outsourced general counsel."
Bruce Groves President, Emilcott Associates, Inc.
Turinas & Bird, LLC
"Turinas & Bird is our go-to law firm for our expansion to have a permanent presence in North America. Alice’s experiences as a lawyer in both the US and the UK, our headquarters country, have been invaluable to us. I also appreciate her genuine concern for our issues, and how she understands the challenges in providing professional services to global consumer products companies."
Fiona Blades CEO, MESH Planning
Turinas & Bird, LLC
"With Turinas & Bird, I got exactly what I wanted, from the right person, and knew my company’s interests were well-protected, on our company’s most significant international transaction. Unlike her counterparts at a large law firm, Alice gives us her full attention without needlessly running up the bill. In addition to having significant corporate and international experience, she is friendly, conscientious, quick to understand new situations, and nimble in navigating the best way through a challenging problem. Her advice is straightforward: ‘This is what we need to do to protect your company and achieve your goals.'"
Dr. Ed Guy CTO, Practice Unite
Turinas & Bird, LLC
"When we co-principals of our consulting firm needed a shareholders agreement, I chose Turinas & Bird because of Alice Turinas’ practical, problem-solving approach. From discussions I had with her before she was aware that we were looking for legal advice, it was evident that she had deep experience with joint ventures and co-ownership issues. Alice laid out our choices in a clear, jargon-free way, so we could have our agreement tailored to suit our needs and priorities. Since then she has also advised on client agreements involving intellectual property matters, and has proven once again to be pleasant, responsive and practical. I am confident that she puts our company’s interests before her own; for her, we are not just another source of billable hours."
Beth Williams Principal, Forward Focus, Inc.
Turinas & Bird, LLC
"Alison Bird was instrumental in launching our small business. Her methodical approach in establishing our legal entity and supporting documentation gave me much comfort that we had a solid yet versatile infrastructure to operate the business with the greatest efficiency. Additionally, her ability to think outside of the box helped us to structure solutions to even the most difficult of business challenges. Alison Bird offers the unique combination of great command of the law, great solution orientation, and great charm, rendering her a key advisor in our work."
Heather Ibrahim Leathers Co-founder, Digitod
Turinas & Bird, LLC
"Alice Turinas and Alison Bird are an incredible team with the ability and connections to assemble the best team of partners for their clients. With their meticulous, well-organized and caring approach, I always felt protected and in secure hands. When combined with their rich experience, knowledge and guidance, I knew that I had hired the right lawyers - people I trusted to help me safely grow my business and take it to the next level. I highly recommend Turinas & Bird."
Kimberly Eads Managing Member, Vital Development LLC
Turinas & Bird, LLC
"Alice Turinas has a wide range of technology skills and startup business experience. Thanks to that, she has offered valuable suggestions, and I know Turinas & Bird can handle our needs as we grow. Because I like an answer that addresses the ‘ins’ and ‘outs’ of an issue, Alice made sure that I had a good understanding of the available options, and not just the strict legal answer. And while other firms lack a personal touch and thoroughness, Alice is warm, outgoing and willing to go the extra mile. The results have been excellent: our issues were well understood, and the outcome has been far better than my expectation."
Ryan Gyure CEO, Cannonball Projects, Inc.
Turinas & Bird, LLC
"Alice Turinas enabled us to close the sale of our business by the end of the year, saving us from paying substantially higher taxes had we completed the sale later. This was quite a feat, since she was not only dealing with the buyer, but also obtaining consent to the sale from the national franchise of which our business was a part. There were times when we doubted whether everything could get done before year end, but somehow, with her help, it was finished before our deadline."
MaryAnn & Peter Stajk former owners of a retail battery distributor
Turinas & Bird, LLC
"During a 'crunch' period, Turinas & Bird handled negotiation of several agreements with technology providers. They sent frequent updates and recommendations with just the right amount of detail, demonstrating sophisticated experience and a results-driven attitude."
Helen Allison Group Vice President-Legal (Corporate IT), Wyndham Worldwide Corporation

Our Offices

New York Office
347 Fifth Avenue, Suite 1402
New York, NY 10016
(646) 679 4313
Development@TurinasBird.com

New Jersey office:
30B Vreeland, Suite 210
Florham Park, NJ 07932
+1 (646) 679-4313

Texas office:
2600 Lake Austin Blvd, Suite 5101
Austin, Texas 78703
+1 (646) 679-4313

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