Data breaches are up significantly in 2019, exposing billions of confidential records and costing companies millions of dollars on average per breach. Security experts counsel their clients that data breaches are inevitable as even the largest, most secure systems may be breached. In spite of this environment, many tech companies are woefully unprepared to respond to a cyber intrusion, data breach, or other cyber-related event. Are you ready?

As insurance coverage lawyers, we often work with clients to confront this organization-wide challenge after a breach has occurred. The better approach, however, is to prepare in advance by understanding your risks, building a team, securing and monitoring your data, having a well developed and rehearsed response plan, and tailoring your insurance program to a possible breach. Additionally, having counsel involved throughout the preparation and response process is critical to protect privilege, minimize legal liability, and maximize insurance coverage. 
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Why is this technology so exciting?

The National Highway Traffic Safety Administration (NHTSA) has noted that 94% of auto accidents are attributed to some form of human error on the part of drivers. In 2014, there were an estimated 1.25 million deaths worldwide due to vehicle crashes. There is a potential for autonomous vehicle technology to dramatically re-shape these statistics. The Insurance Institute for Highway Safety anticipates that there will be 3.5 million self-driving vehicles on US roads by 2025 and 4.5 million by 2030.
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CCPA Week Webinar (FREE), July 17, 2019 1:00 p.m. PT

Insurance policies are some of a company’s most valuable assets during times of increased risk and uncertainty. Yet, corporate policyholders often leave money on the table by failing to thoughtfully construct their insurance program to respond to the risks inherent in their business and neglecting to properly manage potential insurance claims. In recent years, data privacy and security has become a growing source of corporate risk for businesses and presenting new, evolving challenges for risk managers and insurers.
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