Jeffrey L. Kingsley, a partner in Goldberg Segalla’s Cyber Risk and Social Media Practice Group, was interviewed by Insurance Journal for an article highlighting the risks facing the insurance industry and business in general due to the sea change in how data is collected and stored.

“One of the challenges that I think the insurance industry has in dealing with their perceptions of their modeling is taking a physical, tangible loss and transitioning how they can quantify that market and set premiums for that to an intangible loss,” Jeff told Insurance Day at the 2012 Reinsurance Rendezvous in Monte Carlo.

In the interview, Jeff addressed a number of critical issues for insurers and reinsurers as they transition their models to meet the demands of electronically stored information and a world of potential cyber crime, including using analogies to develop models addressing intangible losses, dealing with privacy and confidentiality, and ascertaining potential liability exposures for both the first party and the third party.

Read the full article:

• “Industry Faces Cyber Risks in Shift from Tangible to Intangible Property,” Insurance Journal, September 20, 2012