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Purdue University - Discovery Park
Center for Education and Research in Information Assurance and Security

The role of cyber insurance in security and risk management

Nicholas Reuhs

Nicholas Reuhs - Ice Miller LLP

Sep 28, 2016

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Abstract

Cyber-liability insurance has grown from a niche product into a multi-billion-dollar market in less than a decade. It has also become a negotiating point in technology-related contracts and a buzzword for corporate boards. In this seminar, we will discuss how this new insurance market has developed -- surveying the spectrum of “cyber” insurance products and outlining what events these products are (and are not) intended to cover. We will also discuss underwriting problems (information asymmetry, correlated losses, etc.) and how these underwriting problems are causing insurers to increasingly dictate security practices and behavior. Finally, we will discuss the future of cyber-liability insurance and how a major event could shift the market’s focus or even lead to government intervention.

About the Speaker

Nick Reuhs is a partner in Ice Miller's Litigation Group, where he concentrates his practice on insurance coverage disputes, risk management and commercial litigation. Nick regularly advises clients in insurance coverage matters, managing claims and advocating policy construction that maximizes insurance recovery. Nick also provides policyholders with counseling on pre-loss issues, ranging from assessments of coverage for particular risks to help with securing favorable coverage terms under specialty insurance policies. As part of his risk management practice, Nick also assists client with data protection/privacy matters, including breach response, cost recovery and pre-event risk transfer through contracting.

Unless otherwise noted, the security seminar is held on Wednesdays at 4:30P.M. STEW G52, West Lafayette Campus. More information...

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