A New Guide on Directors and Officers Liability – Understanding Cyber Directors & Officers Liability Risks and Buying Insurance
The new guide ‘Understanding Cyber Directors and Officers (D&O) Liability Risks and Buying Insurance’ is the latest Airmic technical guide produced by Marsh and AIG
Cyber risk is becoming a key topic in many boardrooms, being driven onto the agenda by high-profile data breaches. It is not a case of ‘if’ but ‘when’ an organisation will be impacted by a cyber-attack Consequently, senior management of global companies are being forced to focus their attention on establishing robust controls and procedures for implementing and managing cyber and data security within their organisations - both before and after a cyber event. If they fail to do so, they may breach their fiduciary duties to the company and its shareholders. Directors may also be in the firing line of regulators.
The purpose of the guide is to consider:
The cyber risks faced by organisations.
The steps directors should take to adequately manage cyber risk.
D&O policy coverage recommendations.
2017 and 2018 cyber claims statistics.
How a cyber event can become a D&O claim.