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Cyber Liability and Insurance: Managing the Risks of Intangible Assets
Summit Business Media, March 2009, Pages: 288
This book is designed to provide information and guidance to employees of all levels looking for ways to best handle the ever-changing and emerging world of intellectual property, its related issues, and associated risk management concerns.
Over the last few decades, the typical business has grown increasingly more dependent upon the Internet and computer networks. Whether for communications between employees or with clients, for transmitting and storing sensitive information, or for maintaining a Web site or a blog, most twenty-fi rst century companies would be lost without their technology. The majority of businesses today have at least some technology or internet-based exposure to their business operations. As businesses continue utilizing new technology-based processes, they may not be aware of the associated risks.
Risk management and insurance have traditionally been structured around protecting tangible property from physical perils. Virtually all businesses have insurance and risk management programs in place to protect that business’s property, and many also have workers compensation insurance to protect that business’s employees. However, because most insurance policies
cover only “tangible property” property damage, many businesses fail to fully protect and manage what are arguably their most critical assets. That is, those intangible assets that can’t be seen or felt.
The risks arising out of intangible assets are many, and they can have devastating effects on a business’ reputation and bottom line. For example, the personal information of customers may be stolen or disclosed as hackers access a database and steal large quantities of confi dential data in seconds. Or, disgruntled employees may use a company’s network to destroy or steal information to sell for a profit.
Liability may arise from a wrongful disclosure of or failure to protect information. This could arise from a physical breach of a company’s network security, or if information stored on an employee’s laptop or on a server at a third party location is stolen. Any company connected to the Internet is susceptible to viruses which could result in legal liabilities as well as damage to or destruction of client and other valuable information.
The Internet also creates new exposures for content and advertising litigation. A virus could result in a shutdown of a Web site, costing extra expenses, loss of revenue, and potential litigation. Content-based injuries such as libel, slander, defamation, copyright, title, trademark infringement, or invasion of privacy may arise from the display of materials on an insured’s Web site.
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