February 2, 2024

Intersecting Insurance: How D&O and Cyber Policies May Cover Public Company Risks Webinar Recap

As cyber incidents have become the “norm” within public companies, cyber insurance may cover the first party losses and regulatory issues, but what happens when shareholders believe that the directors and officers of the company, and the company itself, did not implement proper controls, and company’s stock dropped as a result of the incident, creating shareholder losses? In this webinar, we discuss the current cyber and D&O trends that intersect, and the coverages available under these policies.

A speaker from this webinar, Robin Ann Nowicki of HUB International, provided some commentary on this session, sharing key takeaways and the importance of the intersection of Cyber and D&O policies in the Professional Liability field. See her remarks below.

Why is this topic important for professional liability practitioners?

As cyber incidents have become the norm within public companies, Regulators, such as the SEC, are expanding their regulations. It is imperative that professional liability practitioners understand these regulations and how D&O and Cyber policies may intersect for liabilities drawn out from the regulation.

What are the top takeaways from this webinar discussion?

The SEC Cybersecurity Rule imposes timely reporting of cyber breaches which, in turn, opens public companies up to more scrutiny. In 2024, we may see a rise in shareholder demands/lawsuits and regulatory investigations stemming from breaches due to stock drops with shareholders utilizing these regulations as a springboard. Cyber and D&O policies may provide coverage for liabilities arising from lawsuits and regulatory actions related to breaches and SEC filings. Companies should review these coverages carefully with potential claims in mind.

If someone is interested in learning more about this topic are there other resources you would recommend for more information?

Reviewing the regulations themselves would be beneficial to understand what types of claims could potentially be made against a company.

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Meet the Speakers

Whitney Ross, J.D.
Executive Vice President, Chief Claims Officer — North America Professional & Executive Risk
HUB International

Whitney Ross joined HUB International in 2021. Whitney serves as an Executive Vice President, North American Chief Claims Officer for the Professional & Executive Risks Practice. In addition to her leadership responsibilities, Whitney continues to directly handle the claims advocacy for several of HUBs largest clients on a day-to-day basis.

Before joining HUB, Whitney previously worked at a Top 3 broker as the Midwest Region Leader and Canadian Leader for the Claims & Legal Group. Whitney also spent the first ten years of her legal career as coverage counsel at BatesCarey, LLP and other Chicago-based law firms representing domestic and international insurance carriers. Whitney specializes in the areas of D&O, E&O, EPL, Crime, Fiduciary Reps & Warranties, and Cyber Liability.

Whitney’s experience over the last seventeen years has included claims management, coverage litigation, and policy drafting. Whitney is also an editor, author and panelist with respect to numerous D&O, E&O, Cyber, and EPL issues. Examples of Whitney’s recent publications and speaking engagements include:

Panelist, Mitigating Key Risks in the Directors & Officers Insurance Marketplace

Author, Derivative Exposures Continue to Increase: How Directors & Officers Can Use D&O Insurance to Protect Their Assets

Author, Fiduciary Liability Exposures: Excessive Fee Litigation in Review

Author, REITS: Understanding the Risks and Building the Right Insurance

Author, Event Driven Litigation Continues to Impact Companies Regardless of Industry

Whitney earned her BA from Saint Mary’s College, and her Juris Doctor from the Illinois Institute of Technology, Chicago-Kent College of Law. Whitney is licensed to practice law in Illinois.

Robin Ann Nowicki, J.D., LL.M
Senior Vice President, National Cyber & Fidelity Claims Leader Claims & Legal Risks Group, Professional & Executive Risk – ProEx
HUB International

Robin Ann Nowicki joined HUB International in Robin Ann serves as Senior Vice President, National Cyber & Fidelity Claims Leader for the Claims& Legal Risks Group of ProEx.

Before joining HUB, Robin Ann worked at a large international broker as a Cyber Product Coverage Analyst where she provided dedicated analytical support to brokers on national accounts. Robin Ann also served as a claims manager for a large insurer where she handled primary and excess Casualty, E&O, D&O, and Cyber claims. Robin Ann is also a licensed attorney and spent the first part of her career in private practice representing insurance companies in coverage disputes arising under Casualty, Management Liability, and Cyber policies at both the trial and appellate levels. Robin Ann’s experience over the last fifteen years has included policy negotiation and drafting, insurance coverage training, claims management, and coverage litigation.

Robin Ann earned a BA in Political Science and Communications from DePaul University. She earned her Juris Doctor and LL.M. in Information Technology & Privacy Law from The John Marshall Law School, now UIC Law School. Robin Ann is licensed to practice law in Illinois.