Cyber Attacks and Coverage Becoming Major Issues for U.S. Businesses

By Ron Beiderman May 20, 2014

Ronald Beiderman Any business leader who’s not concerned about the threat of a cyber attack should consider the action the United States took yesterday against China to combat hacking in the private sector. If you haven’t heard, a U.S. grand jury indicted five members of the Chinese military for cyber espionage — accusing them of hacking into U.S. businesses and stealing trade secrets. No one knows if the accused will be apprehended or how the charges could affect U.S.-China relations. But one thing is clear: Cyber attacks have become a major issue around the world.

This Thursday, May 22, the issue of cyber risk, including cyber attacks, legislative and regulatory cyber developments, and cyber insurance, will be discussed at the Business Insurance® Cyber Risk Summit in Washington, D.C. I will be a panelist at the session entitled “Are You Covered?” which will look not only at cyber policies currently available but also at the recent data breach–related endorsements that ISO introduced for its commercial liability policies.

If you have any questions about the recent data breach–related endorsements, e-mail me at rbeiderman@iso.com. If you want to learn more about ISO’s cyber insurance program, e-mail Shawn Dougherty at sdougherty@iso.com or Jason Bucher at jbucher@iso.com.

See you at the conference!


Ron Beiderman

Ron Beiderman is the Assistant Vice President, Commercial Casualty at ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics. Ron has primary responsibility for overseeing the research and development, implementation and maintenance of policy forms, manual rules and loss costs for ISO's General Liability, Commercial Liability Umbrella/Excess, Medical Professional Liability and Farm insurance programs. He also plays a key role in ISO's emerging issues initiative. Ron has represented ISO at numerous industry forums, where he has spoken on emerging issues, additional insured issues, construction defect coverage issues, and general liability trends and developments.