New York, NY, November 05, 2016 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Steven R. DeLott, Senior Insurance Counsel, Simpson Thacher & Bartlett LLP will speak at the Knowledge Congress’ webcast entitled: “Cyber Insurance for Bankers: What You Should Know and Do LIVE Webcast.” This event is scheduled for Wednesday, November 9, 2016 @ 3:00 PM to 5:00 PM (ET).
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About Steven R. DeLott
Steven R. DeLott is Senior Insurance Counsel at Simpson Thacher & Bartlett LLP and a member of the Firm's Corporate Department. His areas of concentration include cyber liability insurance, representations and warranties insurance, directors’ and officers' liability insurance, and insurance regulatory matters.
Steven is a former Adjunct Assistant Professor at the College of Insurance in New York City where he taught courses in insurance law and insurance regulation.
Steven is a member of the American Bar Association and the New York City Bar Association. He received his A.B. from Brandeis University in 1985 and his J.D. from Columbia University School of Law in 1988 where he was a Harlan Fiske Stone Scholar and the Executive Editor of the Columbia Business Law Review.
About Simpson Thacher & Bartlett LLP
Simpson Thacher is widely recognized as one of the preeminent law firms in the world. The Firm was established in 1884 and currently has more than 900 lawyers. Headquartered in New York City with domestic offices in Houston, Los Angeles, Palo Alto and Washington, D.C. and international offices in Beijing, Hong Kong, London, São Paulo, Seoul and Tokyo, the Firm provides coordinated legal advice and transactional capability in all of the world’s principal financial centers.
Building on nearly 130 years of experience, Simpson Thacher advises companies of all sizes across a breadth of industries and geographic regions, as well as major financial institutions, and has played a substantial role in many of the most complex and noteworthy matters of the last decade.
As cyber breaches become more common and sophisticated, state and federal banking regulators are increasing their focus on cyber security and cyber insurance. In 2015, the Federal Financial Institutions Examination Council (FFIEC) has issued its Cybersecurity Assessment Tool to help financial institutions identify cyber risks and assess preparedness. The Texas Department of Banking also began requiring all banks to measure inherent cyber risks and cyber security maturity by December 31, 2015. In New York, the Department of Financial Services has also stepped up to push for strict cyber security requirements for banks under its jurisdiction.
As such, it is not enough that banks secure cyber insurance in place, but it is also imperative to ensure that the scope and limits of the coverage are appropriate. Although it is unclear what criteria regulators will use to evaluate cyber insurance, at least banks should be aware that traditional insurance might likely exclude coverage for cyber attacks and privacy breaches. They should also evaluate the variables that may impact the amount of cyber insurance they have. It is also important that banks work with their brokers, coverage attorneys and IT experts to analyze their cyber risks and determine the adequacy of the insurance coverage to be prepared in case of an assessment by the regulators.
In this two-hour live webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help bankers understand the importance of cyber insurance. They will offer guidance on how to procure the appropriate cyber insurance coverage and ensure compliance with state and federal regulations.
Key topics include:
- Evolution of Cyber Insurance Landscape
- Importance of Cyber Insurance for Banks
- What Is and Is Not Covered
- Evaluating Cyber Insurance Coverage
- Risks Insured
- Losses Covered
- State and Federal Regulations
About The Knowledge Group/The Knowledge Congress Live Webcast Series
The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org/