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By Securities Docket on December 9, 2020, 10:32 am
The rarified place that cybersecurity insurance (“cyber insurance”) used to hold in the strata of the more “profitable” corporate insurance products is quickly closing, as significant losses are now more prevalent on the books of cyber insurance carriers. (And growing monthly.) Will higher cyber insurance premiums follow? Will limits of liability contract as cyber insurers closely […]
By Securities Docket on February 10, 2020, 10:29 am
U.S. companies are turning to cybersecurity insurance to protect themselves from lawsuits and fines with enforcement of California’s landmark privacy law set to begin July 1, attorneys say. San Francisco-based Coalition, which calls itself the fastest-growing cyber insurance provider, got more than 2,000 requests for policies in December and January to protect against California law […]
By Securities Docket on December 30, 2019, 10:44 am
As many insurance industry observers know, one of the great concerns within the industry now is the possible impact of “silent cyber” – that is, the potential for cybersecurity-related coverage outside of purpose-built cyber insurance policies. In the following guest post, Umesh Pratapa takes a look at the silent cyber phenomenon…. via Guest Post: Silent […]
By Securities Docket on November 25, 2019, 8:45 am
Many of you probably saw the news this past week that Target has filed a lawsuit against one of its insurers over losses the company sustained in connection with the company’s 2014 data breach. The Target lawsuit is the latest in a series of high profile insurance battles in which companies are seeking to recoup […]
By Securities Docket on November 18, 2019, 10:02 am
One of the more challenging issues businesses must confront as wrongdoers have turned Internet tools into criminal devices has been the rising threat of payment instruction fraud, or, as it is sometimes called, social engineering fraud. Along with these crimes have come vexing questions of insurance coverage for the ensuing losses. Courts have struggled to […]
By Securities Docket on November 13, 2019, 9:18 am
Insurance companies such as Chubb are offering incident response services and security tools to help companies improve their cyber security posture and better cope with cyber attacks via Cyber risk insurance is more than just insurance.
By Securities Docket on October 31, 2019, 2:28 pm
… At a micro summit during Black Hat 2019 in August, experts described a booming market with an increasing number of competing insurance carriers and incredibly cheap policies for enterprises that need financial protection against cyberattacks. But the speakers also urged the infosec community to be aware of potential hurdles and drawbacks, including hidden exclusions […]
By Securities Docket on August 4, 2016, 8:43 am
In my recent article, entitled, Cyber Insurance Bespoke: Tips For Finding The Right Policy and excerpted from a series of articles I wrote at the request of the NASDAQ Governance Clearinghouse, I review some critical caveats and guidelines to consider when purchasing cyber insurance.
By Securities Docket on August 2, 2016, 2:35 pm
A near certainty for public and private corporations is that, at some point, they will be subject to a cyber-attack. And what is indisputable is that cyber-attacks are almost always extraordinarily complicated and will require a host of costly responses. So it seems that for today’s risk-averse companies, the best way to gain insight into […]
By Securities Docket on July 8, 2016, 2:03 pm
The time is now for stand-alone cyber insurance. The tensions between traditional insurance policies and data breach coverage have prompted the dawning of a new era of stand-alone “cyber insurance.” And this new era has only just begun. Global insurance broker Marsh LLC recently reported a 27% increase of stand-alone cyber insurance purchases by its U.S.-based […]
By Securities Docket on September 15, 2015, 7:42 am
Insurance premiums for cybersecurity could grow to $7.5 billion in the next five years, according to a new report. The study, issued by PricewaterhouseCoopers, found that $2.5 billion was spent on cyberinsurance premiums in 2014, a year in which an average of 100,000 global cybersecurity incidents took place each day. Researchers found that the growing […]
By Securities Docket on July 27, 2015, 9:16 am
Many insurance coverage disputes can be, should be, and are settled without the need for litigation and its attendant costs and distractions. However, some disputes cannot be settled, and organizations are compelled to resort to courts or other tribunals in order to obtain the coverage they paid for, or, with increasing frequency, they are pulled […]
By Securities Docket on April 30, 2015, 1:55 pm
Ten cybersecurity concerns boards of directors can use as a guide to elevate cybersecurity to a core enterprise-wide risk management item.
By Securities Docket on April 16, 2015, 5:07 pm
A summary of my new article on Cyber Insurance.