Cyber Insurance Facts For Public Entities

Public Risk Management

Ann O’Leary, Assistant Vice President of Cyber Insurance at Aon, discusses the Cyber Risks that Public Entities face, the types of Cyber Insurance that is available in the marketplace and how Sovereign Immunity changes what coverage Public Entities have. The greatest risks for Public Entities are the amount of data, type of data: personally identifiable information, health records, the length of time records have to be maintained, activism and reliance on third party vendors. The risks lead to several challenges of purchasing cyber insurance. Public Entities’ length of record retention increases, limited resources for IT and lack of allocation of funds especially as technology continues to evolve requires heavier reliance on third parties. Additionally, activism is unique to Public Entities, as well as their application process can be quite cumbersome. Ann also shares the three aspects carriers are looking for; specifically with Public Entities: Control The amount of data and the type of information. Their application process, including IT securities protocols