SYSTEM AND METHOD FOR ANALYZING PRIVACY BREACH RISK DATA

• US 20140142988A1
• Filed: 11/21/2012
• Published: 05/22/2014
• Est. Priority Date: 11/21/2012
• Status: Abandoned Application

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Grosso, Anthony J., Leffard, Gregory W., O'Dwyer, Jeremiah G.
• Application Number:
  US13/683,422
• Publication Number:
  US 20140142988A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A risk associated with a data breach of confidential personal data may be determined based on the amount of confidential personal data records stored. Underwriting questions based on the user'"'"'s business may be determined and transmitted to the user. Input data may be received from a user that is responsive to the underwriting questions. The system may then determine an applicable insurance product with various options and receive a quote for the insurance product and the selected options. The user may initiate the purchase of one insurance product with one or more options, and/or enter into a binding agreement for the purchase of one of the insurance product.

Claims

1. A system for the generating automated underwriting and quoting information related to data breach related insurance coverages offered by an insurance company, the system comprising:

a memory device configured to store a determined risk associated with the storage of confidential personal data, wherein the risk is based on at least the number of records stored by a business;

a processor, operably coupled to the memory device, configured to generate a plurality of underwriting questions, the questions including information concerning total revenue of the business;

a receiver configured to receive a response to the plurality of underwriting questions from the user device and to store the response to the plurality of underwriting questions in the memory device;

the processor further configured to determine an estimated exposure based at least in part on the determined risk and the response to the plurality of underwriting questions;

the processor further configured to determine, based on the estimated exposure and the response to the at least one underwriting question, at least one insurance product and at least one coverage option applicable to the business; and

a transmitter configured to transmit information associated with the at least one insurance product to the user device.

2. The system of claim 1, wherein the memory device is further configured to store data breach information, the data breach information including at least one of:

state regulations, federal regulations, and fine assessments.

3. The system of claim 2, wherein the determined risk is based on at least two or more of:

state regulations, fine assessments, historical breach data, and type of business.

4. The system of claim 2, wherein the estimated exposure is based on at least two or more of:

state regulations, fine assessments, historical breach data, and type of business.

5. The system of claim 1, wherein the determined risk associated with the storage of confidential personal data is generated by a third party.

6. The system of claim 1, wherein the determined risk associated with the storage of confidential personal data is calculated on a per record basis.

7. The system of claim 1, wherein the at least one coverage option includes at least one of:

data privacy liability coverage, network security liability coverage, e-media liability coverage, notification expense and credit monitoring expense, crisis management expense, data privacy and regulatory expense, and cyber investigation expense.

8. The system of claim 1, wherein the processor is further configured to generate a quote associated with the at least one insurance product.

9. The system of claim 8, wherein the quote is a binding quote.

18. The method of claim 8, wherein the quote is a binding quote.

10. A method for the generating automated underwriting and quoting information related to data breach related insurance coverages offered by an insurance company, the method comprising:

storing, by a memory device, a determined risk associated with the storage of confidential personal data, wherein the risk is based on at least the number of records stored by a business;

generating, by a processor, a plurality of underwriting questions, the questions including information concerning total revenue of the business;

receiving, by a receiver, a response to the plurality of underwriting questions from the user device and to store the response to the plurality of underwriting questions in the memory device;

determining, by the processor, an estimated exposure based at least in part on the determined risk and the response to the plurality of underwriting questions;

determining, by the processor, based on the estimated exposure and the response to the at least one underwriting question, at least one insurance product and at least one coverage option applicable to the business; and

transmitting, by a transmitter, information associated with the at least one insurance product to the user device.

11. The method of claim 10, further comprising storing, by the memory device, data breach information, the data breach information including at least one of:

state regulations, federal regulations, and fine assessments.

12. The method of claim 11, wherein the determined risk is based on at least two or more of:

state regulations, fine assessments, historical breach data, and type of business.

13. The method of claim 11, wherein the estimated exposure is based on at least two or more of:

state regulations, fine assessments, historical breach data, and type of business.

14. The method of claim 10, wherein the determined risk associated with the storage of confidential personal data is generated by a third party.

15. The method of claim 10, wherein the determined risk associated with the storage of confidential personal data is calculated on a per record basis.

16. The method of claim 10, wherein the at least one coverage option includes at least one of:

data privacy liability coverage, network security liability coverage, e-media liability coverage, notification expense and credit monitoring expense, crisis management expense, data privacy and regulatory expense, and cyber investigation expense.

17. The method of claim 10, further comprising generating, by the processor, a quote associated with the at least one insurance product.

19. A computer-readable medium having processor-executable instructions stored thereon which, when executed by at least one processor, will cause the at least one processor to perform a method for generating automated underwriting and quoting information related to data breach related insurance coverages offered by an insurance company, the method comprising:

storing a determined risk associated with the storage of confidential personal data, wherein the risk is based on at least the number of records stored by a business;

generating a plurality of underwriting questions, the questions including information concerning total revenue of the business;

receiving a response to the plurality of underwriting questions from the user device and to store the response to the plurality of underwriting questions in the memory device;

determining an estimated exposure based at least in part on the determined risk and the response to the plurality of underwriting questions;

determining, based on the estimated exposure and the response to the at least one underwriting question, at least one insurance product and at least one coverage option applicable to the business; and

outputting, information associated with the at least one insurance product to the user device.

20. The computer-readable medium of claim 19, wherein the determined risk associated with the storage of confidential personal data is generated by a third party.