Course Details
hours
3.0
price
$99.00
This course is not subject to discount pricing.
  • Course:
  • Internet
  • Exam:
  • Internet

Additional Credit Available:

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Cyber and Privacy Liability Exposures and How to Insure Them

Reaccreditation >> IRMI Renewal


Course Description
This course has two major goals. The first is to provide an overview of the kinds of situations that can give rise to both property and liability losses when a business engages in cyber and electronic activities. More specifically, companies that use e-mail, operate a website, take orders online (and collect customer data in the process), participate in social media activities, or engage the services of a cloud provider are exposed to significant potential first-party property and third-party liability claims.

The second objective is to offer a detailed look at the kinds of policy forms that have been designed to cover these exposures. Thus, the second half of the course begins by analyzing the policies’ insuring agreements and continues by discussing other key provisions, such as insured persons, insured organizations, defense/settlement, coverage limits, and retentions. The course concludes by examining the most common exclusions found within cyber and privacy policy forms, focusing on the manner in which such wordings vary from insurer-to-insurer, and explaining how these variations exert significant impact on the scope of coverage that cyber and privacy policies provide.

Learning Objectives
This is an intermediate level course. Upon completion, students  will be able to:

  • recognize key areas of confusion inherent in cyber and privacy coverage, beginning with the fact that it is referred to under different names by different insurers
  • identify the major types of third-party liability losses that result from cyber and electronic activities: (1) information security liability, (2) privacy liability, and (3) content liability
  • recognize the major types of first-party property losses that result from cyber and online activities: (1) business interruption, (2) dependent business interruption, (3) extra expense, (4) data asset loss, (5) cyber extortion, (6) computer fraud, (7) funds transfer fraud, and (8) miscellaneous crime losses
  • recognize how social media and cloud computing create many of the property and liability exposures noted above
  • identify various loss control measures that can be applied to eliminate, or at least reduce, the extent to which a business can be financially impacted by these loss exposures
  • recognize how cyber and privacy insurance is rated by insurers and identify the key factors that underwriters consider in pricing the coverage
  • recognize the effect of the key first-party property and third-party liability insuring agreements found within the policies
  • recognize how the following types of provisions operate within a cyber and privacy policy: (1) insured persons/organizations, (2) defense/settlement, (3) limits, and (4) retentions
  • identify the most important exclusions found within cyber and privacy forms, recognize how different insurers’ versions of these same exclusions vary, and recognize how such differences impact the scope of coverage the policies provide


Prerequisites 

A basic understanding of property and liability insurance coverage.

CPE Field of Study
Management Services

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasba.org.

By IRMI
International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference services. IRMI publications are considered the ultimate authority by leading insurance practitioners and even federal appellate courts when interpreting insurance coverage. Use the knowledge you gain from IRMI CE courses with confidence, knowing they are written by seasoned insurance professionals who employ diligent quality assurance standards to provide the most up-to-date, practical, and reliable information possible.