Cyber Liability Risk

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Recently, I sat down with Rick Doherty, the CEO of DDHT and the man who happens to be my father, to discuss the recent Facebook hack and the impact it has on consumers and the insurance industry. Facebook announced that political consulting firm Cambridge Analytica obtained information from up to 87 million accounts without their users’ consent. Experts believe that collected data could include locations, interests, photos, status updates and more.

A lot of light can be shed on the emerging field of cyber liability between our generational gap. When I was in high school, Facebook blew up, so I have not known a world without social media, or the internet at all. In comparison, Rick has watched the online age unfold and noted the impact it has on his generation. While he might not understand why people share what they had for lunch on the internet; our conversation highlighted the Facebook hack affecting nearly everyone and the major repercussions it has in terms of online safety and data security.

I specifically asked him a few questions on how DDHT covered cyber liability and what the company offered clients. Rick noted, “In regard to cyber liability DDHT takes a holistic risk management approach.  We offer solutions to transfer risk through our suite of insurance products and other non-insurance risk transfer means such as contract review. We tailor insurance solutions from the leading Cyber Insurance carriers and incorporate robust expense reimbursement provisions, such as notification of customers and crisis management services. We also help our clients mitigate the risk by providing assessments, 24 hour hotlines providing access to security experts, cutting edge training resources, and awareness campaigns.” We then discussed the expansion of coverage due to the Facebook events and what it meant for the insurance industry. Rick stated, “I have seen the products and services offered expand and get much better as the cyber liability risk continues to emerge. As with past emerging risks, such as employment practices liability, DDHT is positioned as a leader in providing best in class solutions. From data breach and identity theft to phishing and ransomware DDHT has been able to help our clients.”

To sum up the fancier insurance jargon; staying safe on the internet revolves around awareness. It is an evolving issue that consumers need to stay informed on and that businesses will expand to cover the impacts of. Here are a few tips for staying safe on Facebook and online:
• Check Facebook’s webpage about the exposed data to see if Cambridge Analytica obtained any of your personal information.
• Go through all of the privacy settings on each of your social media accounts to see if the security features or terms of service have changed.
• Always assume that any information you post online can be shared with the public.
• Enable two-factor authentication on all devices and services that offer it.
• Create strong passwords and update them regularly.

Please contact Doherty, Duggan, Hart, & Tiernan for any questions regarding cyber liability coverage. Stay safe out there!

Data From 87 Million Facebook Accounts Exposed

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