E-Commerce Risks
اسلاید 1: E-COMMERCE RISKS: RISK MANAGEMENT IN PROFESSIONAL INDEMNITYKIT BURDENPARTNER, BARLOW LYDE & GILBERT
اسلاید 2: WELL, YOU WOULD SAY THAT WOULDN’T YOU…
اسلاید 3: ACTUAL CLAIMS AND LIABILITIES;VirginArgosIBMDemon InternetBritish GasNorwich UnionYAHOO
اسلاید 4: CONTRACTUAL RISKSImpersonal nature of transactionsTrade with unfamiliar/unknown partiesIncorporation of contractual terms RISK MITIGATION:(1)Structure of the Website(2)Incorporate appropriate terms(3)Keep under regular review
اسلاید 5: JURISDICTIONAL RISKSDelivery Riskswhere is the customer located?what are the implications of delivery?Regulationattitude of the UK regulatorsforeign regulationLaw and Venue“long arm” jurisdictionswhere are you trading?RISK MITIGATION:(1)Consider targeting specific markets(2)Carry out local legal reviews for select markets(3)Incorporate choice of law/jurisdiction clauses
اسلاید 6: DATA RISKSKey importance of dataData Protection Act 1998 – the new regimeKey requirements:notify purposes for which data will be usedkeep data up to date and accuratemaintain securityrestrictions on transborder data flowsRISK MITIGATION:(1)Ensure proper notifications made(2)Use data only for authorised purposes(3)Inform data subjects of purposes for which data is gathered(4)Prepare a data retention/update policy(5)Maintain adequate levels of system security(6)Ensure adequate contracted protection for transfers out of the E.U
اسلاید 7: CONTENT LIABILITYActs by employeesLiability to third parties, e.gdefamation claimsIPR infringementsdomain name claimsRISK MITIGATION:(1)Company policy on internet usage and e-mail(2)Disclaimers on e-mails(3)Disclaimers on website and hypertext links
اسلاید 8: HOW DOES THIS IMPACT P.I. INSURERS?E-commerce risks affect:E-commerce service providers (ISP’s, hosts, website designers)Management and IT consultantsProfessional advisors (lawyers, bankers, auditors)Directors and Officers
اسلاید 9: E-COMMERCE SERVICE PROVIDERSFailure to perform likely to impact directly upon customersQuantum of loss for customers potentially high (owing to reliance upon technology)Emerging claims history, but still sketchy for new services such as Trusted Third Parties
اسلاید 10: MANAGEMENT AND IT CONSULTANTSHeavily involved in E-commerce revolutionExposed to claims if projects fail/get delayed/are misconceivedHypothetical example:(1)Consultancy A engaged to implement IT systems underpinning new dot.com by 1 July 2001;(2)Delays in implementation mean work not finished until now;(3)Downturn in market in the meantime means dot.com cannot do IPO to raise cash.(4)Consultancy A sued for “lost opportunity”
اسلاید 11: PROFESSIONAL ADVISORSAll professional advisors need to be aware of the challenge which the web poses in order to provide proper adviceLawyers – need to be aware of risks posed by multi-jurisdictional nature of the internet and widening body of potential laws and regulationsBankers – need to take care in way in which they provide advice to dot.com and other e-commerce clients regarding their finance requirementsAuditors – at risk in relation to audits of dot.com and “new” valuation techniques (e.g. Amazon, e-district)Brokers - need to be aware of what the risks are, so as to advice insureds about the scope of cover offered by their current portfolio and their potential future requirements
اسلاید 12: DIRECTORS AND OFFICERSDuties: both common law and fiduciaryMust understand the risks in order to formulate a risk/asset management strategyParticular risks posed by dot.com crash: wrongful trading under s.214 Insolvency Act 1986Position of internet incubators?
اسلاید 13: Impact on the Claims ProcessMore likely to have foreign elementMore likely to be facing unfamiliar laws/regulationsExpensive discovery processCultural impacts:(1)use of email internally(2)use of the internet as a tool in the litigation
اسلاید 14: THANK YOU
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