Topic:  Cybersecurity and Cyberinsurance 

Speaker: Cheryl Dunn Soto, a founding partner of at San Diego's Franklin Soto Leeds LLP

Presentation: Cybercrime is now a business that well exceeds a trillion dollars in size. Technology Magazine and CyberSecurity Ventures estimate that cybercrime will cost the world's companies and governments over $10.5 TRILLION in 2025. That's almost $30 BILLION PER DAY. Perpetrators of the various kinds of cybercrime began cooperating and joining forces several years ago, using ever more sophisticated technology and organizing themselves as a professional business enterprise. If cybercrime were a country, it would be one of the top three economies in the world.

It is estimated that each instance of cybercrime will cost a company, on average, over $9 million off its bottom line, not counting any loss in shareholder value from resulting stock price declines. In general, the larger the company, the larger the damage per incident.

The odds for a cybercriminal getting caught for any one crime incident are miniscule.

For criminals, cybercrime is clearly THE place to be in the 21st century.

As data breaches, ransomware attacks, and other cyber events increase, so does the need for robust insurance to cover such events. Because cyber insurance coverages, definitions, and exclusions vary dramatically from carrier to carrier and many of the operative terms used in cyber policies have not yet been examined or explained by courts, there can be uncertainty about how these policies operate and what they cover.

This presentation will address how companies can minimize their cyber risks through insurance by properly assessing their cyber risks, asking the right questions of their insurance broker, negotiating enhanced coverage, and following best practices for tendering claims and responding to claim denials.

Takeaways from this presentation will include:

 • How to assess your company’s cyber risks

 • How to evaluate the coverage being quoted

 • Key cyber coverage provisions

 • Exclusions to avoid

 • Negotiating enhanced coverage

 • What to do when you have a claim

 • What to do if your claim is denied

This will be an eye-opening and highly informative presentation and discussion. You will learn things that can be used immediately in your current and future companies. Cheryl's presentations have always been well-received in the past, and we are glad to have her back again with updated information on this vital area.

+++

CPE credit: 1.0 hour will be given to all participants requesting it, and who are present for the presentation

+++

To Attend:
Meetings are for members, prospective members and invited guests only. For non-members, RSVP is required by writing to chapter chair, Dan Ruchman at [email protected]. Please include a one or two sentence description of who you are, and your interest in attending the meeting. Thank you.

+++

CPE Credits: Reminder for those members maintaining their professional certifications - we offer the documentation for Continuing Professional Education (CPE) credits for our speaker presentations. For those members interested in this, you may complete the appropriate forms, which we'll have available at the meeting, for 1.0 hours of CPE credit

+++

Zoom Screen: Make sure your First and Last Name appear on your screen.