Cyber Risk & Privacy Liability Forum Set for June, HB Announces

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Mar 25, 2010, 04:50 ET

PHILADELPHIA, March 25 /PRNewswire/ -- Are U.S. companies taking data security seriously? According to a study by Verizon Business RISK Team, nine out of 10 data breaches occurring from 2004 to 2007 could have been avoided if some basic security measures were followed.

Yet, according to Mark Greisiger, president of Philadelphia-based NetDiligence, many organizations are often not aware of the many data breach incidents involving their own network and data assets, or how to approach the risk management of emerging exposures to better protect themselves from the financial consequences of class action lawsuits, regulatory non-compliance, and poor information security and privacy practices.

Tom Hagy, CEO of HB Litigation Conferences announced today that his firm has partnered with NetDiligence, a leading cyber risk assessment company that supports the insurance industry, to create a two-day program designed to help companies mitigate and protect themselves from security breaches.

Greisiger framed the significance of the topic this way: "A majority of our client companies admit to some sort of data or system breach in the last couple years ... and many are not aware of exactly where all their private customer data resides. The 'cyber risk' facing many companies on a daily basis can include malicious threats beyond those just of a belligerent hacker or rogue inside contractor ... and could rise to level of sophistication that Homeland Security combats on a daily basis. Or very often it can be the daily non-malicious incident - such as a simple mistake by an employee - that still results in a massive data leak that exposes thousands of customers' health or bank records."

"This type of e-risk exposure -- spanning both first-party exposures such as business interruption or loss of intellectual property, and third-party legal liability due to a privacy policy violation -- could severely impact many organizations," Greisiger said. "Companies are at risk of harm to their reputation and loss of customer trust, not to mention their profits."

Greisiger and HB worked to pull together what they believe are thought leaders in the field of avoiding and managing risk. Chairing the event are: Nick Economidis, Specialty Lines, Beazley Group, Philadelphia; John Mullen Sr., Esq., Nelson Levine de Luca & Horst, Bluebell, Pa; Robert Parisi Jr., SVP, National Practice Leader for Tech/Telecom E&O and Network Risk, Marsh FINPRO, New York.

"Over the past decade Philadelphia has become the leading hub for privacy and cyber risk management solutions, as well as expertise to assist web-centric businesses and organizations that believe that protecting their clients' private data is paramount," Greisiger said.

The seminar is aimed at corporate risk managers, CFOs, insurers and brokers seeking to learn about how companies may be found liable for a data breach that may trigger a class action lawsuit; what risk control measures, standards and safeguard practices are reasonable & prudent; where many companies are weak; how to assess e-risk and recognizing if a breach has occurred; investigating an incident; incident response plans; and the value of privacy risk insurance coverage.

For more information about the NetDiligence Cyber Risk & Privacy Liability Forum, contact HB Litigation Conferences by phone at (484) 324-2755 x212, by email at [email protected], or by visiting the conferences section at HB's website at www.LitigationConferences.com. Press passes are available.

HB Litigation Conferences is a nationally certified provider of continuing legal education conferences, webinars, teleconferences and multi-media products in the areas of insurance, reinsurance, toxic torts, asbestos, construction, products and financial litigation. Tom Hagy, HB's CEO, is former editor and publisher at Mealey Publications and vice president at LexisNexis. Sharon Boothe, HB's president, was Mealey's Conferences director since its first program in 1992 through 2008.