Chartis’ D&O offering embraces social media threat
Chartis Insurance UK has extended its Directors’ & Officers’ liability policy to include cover for public relations expenses to help either:
Mitigate a crisis resulting from a credible threat that confidential information about a company will be posted on a social media platform or website, or manage the reputational damage to a company caused, or potentially caused, once disclosures are made.
The trigger for the former is where the chief executive officer or chief financial officer expects the stock price of a firm to fall significantly as a result of rumours of disclosure, while in the latter case it is the publication of confidential information.
Chaucer vice president financial lines, David Walters, comments: “The domination of the global news headlines by Wikileaks’ publication of leaked government documents is a vivid illustration of the power of social media.”
He adds: “Although the focus has been on government there is, however, no room for complacency for business.”
Towards the end of last year, WikiLeaks founder, Julian Assange, revealed plans to leak confidential documents from a major American bank.
Speaking to Forbes magazine, Mr Assange also said that he had “many more” banking documents to leak than those pertaining to the major US institution.
Category: Business Insurance News, Companies News, Insurance News
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