December 11, 2014 Cyber Incident Liabilities, Mitigation, and Insurance Briefing

WaterISAC hosted a panel of experts who discussed emerging legal risks and standards relating to cybersecurity and critical infrastructure sectors and how specialized insurance can be used by water and wastewater utilities to help mitigate the financial and reputational repercussions of cyber incidents. Panelists included Steven Bonafonte, Attorney, Pullman and Comley, LLC; Jim Grooms, Vice President – Commercial Lines, Brown and Brown of New York, Inc.; and Bob Bregman, Senior Research Analyst, International Risk Management Institute, Inc.

WaterISAC conducted a Cyber Incident Liabilities, Mitigation and Insurance webcast on Thursday, December 11, 2014. WaterISAC’s guest panelists included Steven Bonafonte, Attorney, Pullman and Comley, LLC; Jim Grooms, Vice President – Commerical Lines, Brown & Brown of New York, Inc.; and Bob Bregman, Senior Research Analyst, International Risk Management Institute, Inc.

The panel addressed some of the potential liabilities utilities can be exposed to due to such incidents and how an evolving legal “standard of care” will require increased investment in cybersecurity prevention programs as well as cyber risk transfer and acceptance. The risk transfer process of procuring specialized insurance products can help to indemnify organizations from damages resulting from allegations of negligence or misconduct. The panel further explained what cybersecurity insurance entails and the different types of policies available, including the extent of coverage each provides.