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Join the Cybersecurity and Incident Response Group on LinkedInCyber Insurers’ Increased Risk Threatens Many Small Firms’ Coverage | Law.com
As cyberattacks grow, cyber insurance is increasingly becoming a cost of doing business at law firms. But securing that cyber insurance is also becoming more difficult. Small law firms are facing insurance carriers that are placing a heavier emphasis on proactive cybersecurity measures, dropping clients, and even exiting the cyber insurance space when the risk […]
As ransomware and other cyberattacks grow, insurers struggle to keep up – Marketplace
Given the prevalence of hacking incidents — before and after the Colonial Pipeline breach — more and more companies are purchasing cyber insurance to manage their risk. But are the pockets of large insurance companies deep enough? A new report from the Government Accountability Office looked at the client list of a major insurance broker […]
D&O coverage issues arising from increased cyberattacks, shareholder lawsuits | PropertyCasualty360
As cybersecurity incidents and data breaches become increasingly common, D&O insurers need to be aware of the recent trend of securities and shareholder derivative lawsuits brought against public companies and their directors and officers for failing to implement adequate protections against cyber-related risks, and/or to engage in a sufficient oversight of such protections. While some […]
Cyber Insurance Will Reshape Cybersecurity
Cyber insurance carriers, armed with the best understanding and motivations, will spur businesses to take actions that allow for better cyber planning and budgeting, improved ability to withstand attacks, more accurate premiums on policies, and ultimately a stronger cybersecurity ecosystem. Cybersecurity may be broken—but cyber insurance can help fix it. via Cyber Insurance Will Reshape […]
Council Post: Five Tips For Purchasing The Right Cyber Insurance Policy
Cyber insurance is a new concept that can be a bit tricky to navigate when you’re looking to purchase your first policy. For example, you’ll likely have to define a cyber attack and assess the costs associated with things that might not have monetary value (such as damage to your company’s reputation). On top of […]
Fraudsters May Determine Whether You Have Cyber-Insurance | JDSupra
Many organizations are surprised to learn in the wake of a cyber-incident that their “cyber” insurance does not cover their losses. Very often this is because fraudsters’ method for committing fraud may not have been the type of risk that a particular policy covers. A case involving National Bank of Blacksburg (“NBB”) in Virginia illustrates […]
The Pros and Pitfalls of Cybersecurity Insurance – D Magazine
The insurance industry is still working to understand and get a handle on the extent and variety of cyber risks, says Ernest Martin Jr., a Haynes and Boone partner who chairs the firm’s insurance recovery group. Martin has seen more companies buying this form of insurance in the last 18 months and says that contractual […]
Guest Post: Courts Wrestle With Coverage for Cyber-Related Claims | The D&O Diary
While to date there has been relatively few reported cases involving cyber insurance coverage disputes, there has been much litigation surrounding whether traditional insurance policies will respond to cyber-related claims. Although there are some outlier cases finding coverage under a CGL policy for some forms of cyber-risk (Eyeblaster, Inc. vs. Federal Insurance Co., 613 F.3d […]
Key Drivers Behind Cyber Insurance Claims : Clyde & Co
Perhaps most notable to those who are under the impression that hackers only bother with big companies, SMBs reported the highest number of “everyday” breaches. Of the breach events studied, 90% of the organizations that experienced breaches were small and medium sized. With a median event cost of USD18,000 these are numbers that simply can’t […]
Your Cyber Insurance Policy May Not Cover GDPR Fines and Liabilities | Womble Bond Dickinson
Recent studies call into question whether a company can insure against the unprecedented huge fines for violating the complex and vague EU privacy law, the General Data Protection Regulation (GDPR), or whether such insurance would cover liabilities arising from the new class action suits available under the GDPR. Companies with international exposure should check their […]
Lloyd’s of London chief warns cyberattack is now the insurance sector’s main battle ground | South China Morning Post
Lloyd’s of London, the world’s oldest insurance market, has warned that financial and other companies are still not taking strong enough measures to defend themselves against serious cyberattack. In Hong Kong this week, taking part in the Asian Financial Forum, its Chief Executive Inga Beale said a malicious hacker who takes down a single cloud […]
What cyber insurers look for – Computerworld
“When I visit a company for the first time I will ask a few key questions,” he told Computerworld Australia. “What I am really looking for is the operational security of an organisation as opposed to ‘Do you have a firewall? Do have antivirus?’ I ask how more about prepared they are for a cyber […]
How WannaCry Impacts Cyber-Security Insurance — eWeek
The WannaCry ransomware worm has raised the level of awareness about ransomware among the general public and it is also a major event for the cyber-security insurance industry that aims to help indemnify organizations against financial losses. The cyber-security insurance industry is a growing market, with forecasts predicting up to $5 billion in insurance premiums […]
Pitfalls for Data Breach Coverage under Cybersecurity Insurance Policies – Lexology
P.F. Chang’s, a well-known restaurant chain, recently discovered that its cybersecurity policy would not cover various costs for remedying a data breach even though the policy was marketed as providing comprehensive coverage for cybersecurity risks. In P.F. Chang’s China Bistro, Inc. v. Federal Insurance Company, No. CV-15- 01322, 2016 U.S. Dist. LEXIS 70749 (D. Ariz. May […]
Federal District Court Finds No Cyber Insurance Coverage For Costly Credit Card Fraud Assessments | Orrick Trust Anchor
In one of the first court decisions to analyze in depth the coverage provided by a cyber policy, a federal judge has found that PF Chang’s policy came up short. Following a 2014 data breach in which hackers accessed and posted online 60,000 credit card numbers belonging to PF Chang’s customers, the company sought coverage […]