Daniel W. Gerber Quoted in "New EU Laws to Heighten Cyber Risk Exposure," Reactions August 21, 2013
Tanguy Le Gouëllec de Schwarz and Daniel W. Gerber, partners in Goldberg Segalla’s Global Insurance Services and Cyber Risk and Social Media Practice Groups, were quoted extensively by Reactions in an article examining new European Union laws that will intensify pressure on corporations to tighten their cyber security or face harsh financial penalties, increasing their insurers’ potential exposures.
In addition to providing analysis of the complex new data protection laws that will force all companies to make customers aware of data breaches, Tanguy noted that he advises insurers to look carefully at policy wording. “I think that one has to look carefully as to what exactly the insurer provides as an add-on for cyber risk,” he told Reactions. “If it is the litigation cost and therefore the responsibility of the insured because some data was divulged or disclosed when it shouldn't have been, then I would say the insurer should look carefully at what a policy says because breach notification costs can be huge and sometimes can be as high as £50 per individual.”
Dan noted that the potential severity of serious personal data cyber breaches has meant that law firms are being called in as soon as breaches take place. “If the law firm is brought in at the moment that the crisis begins and they retain all the experts on their end then there is attorney client privilege attached,” Dan said. “This is a reverse from where your cyber experts would come in first and then perhaps retain or work with a law firm because there was an argument that privilege would not be attached.”
Read the article here:
- “New EU Laws to Heighten Cyber Risk Exposure,” Reactions, August 21, 2013