A federal court in Florida recently adopted the now well-developed consensus that data breach losses are not covered under standard Commercial General Liability (CGL) policies....more
The FBI continues to warn that losses are on the rise from business email compromise (BEC) or “social engineering” schemes, which the Bureau describes as:
Carried out by transnational criminal organizations that employ...more
8/15/2017
/ Business E-Mail Compromise (BEC) ,
Computer Fraud Insurance ,
Corporate Counsel ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Denial of Insurance Coverage ,
FBI ,
Hackers ,
Insurance Industry ,
Insurance Litigation ,
Policy Terms ,
Social Engineering
Cybersecurity awareness month is nigh upon us again, and thus perspective is in order. 2016 brought us the first collection and analysis of the nascent claims history of the burgeoning cyber-insurance market. On August 27,...more
10/4/2016
/ Commercial General Liability Policies ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Hackers ,
Healthcare ,
Identity Theft ,
Insurance Industry ,
Medical Devices ,
NAIC ,
Policy Terms
The computer network of a Five Guys Burger franchise, RVST Holdings, LLC (RVST), was hacked. Customers’ credit card information was stolen and used to make numerous fraudulent charges. Trustco Bank brought an action against...more
7/18/2016
/ Commercial General Liability Policies ,
Corporate Counsel ,
Credit Cards ,
Cyber Attacks ,
Cyber Insurance ,
Data Breach ,
Denial of Insurance Coverage ,
Electronic Data Transmissions ,
Fraudulent Charges ,
Hackers ,
Insurance Industry ,
Personally Identifiable Information ,
Popular ,
Property Damage ,
Restaurant Industry ,
Summary Judgment
A year ago in this space, we looked at the receding wave of coverage litigation regarding whether various cyber-related exposures were covered under traditional policies, such as CGL and professional liability policies. ...more
6/27/2016
/ Commercial General Liability Policies ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Debit and Credit Card Transactions ,
Insurance Industry ,
Liability Insurance ,
PF Chang's ,
Popular ,
Restaurant Industry ,
Risk Management
In late June, the New York Court of Appeals affirmed a trial court ruling that there was no coverage for a health insurance company policyholder, under a “Computer Systems Fraud” rider issued by its insurer, for an underlying...more
10/9/2015
/ Appeals ,
Commercial Insurance Policies ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Data Security ,
Fraud ,
Fraudulent Wire Transfers ,
Hackers ,
Health Insurance ,
Insurance Industry ,
Medicare Advantage ,
National Union ,
Oil & Gas ,
Phishing Scams ,
Popular
It’s a familiar pattern. First, new risks inspire legislation and regulations that impose new penalties. Next, insurers and policyholders fight over whether the new liabilities are covered under traditional liability...more
6/22/2015
/ Corporate Counsel ,
Cyber Insurance ,
Cybersecurity ,
D&O Insurance ,
Data Breach ,
Data Protection ,
Daubert Standards ,
Financial Institutions ,
Hackers ,
IBM ,
Information Security ,
Insurance Industry ,
Liability Insurance ,
Software ,
Sony ,
Travelers Property Casualty Co. ,
Visa Inc ,
Young Lawyers
Spurred by the prescient reporting found in this space (and, just maybe, by the Anthem data breach, which occurred a week later), insurance regulators have recently engaged in a flurry of regulatory activity relating to cyber...more
In This Issue:
- IN THE SPOTLIGHT
..Standard CGL Policy Form Adds Data Breach Coverage Exclusion
- LIFE INSURANCE
..Class Claims Against Lincoln National Barred in Section 419 Action – Again
...more
9/30/2014
/ Accredited Investors ,
Affordable Care Act ,
Burwell v Hobby Lobby ,
Class Action ,
Commercial General Liability Policies ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Cyber Insurance ,
Data Brokers ,
Debt Collection ,
DMCA ,
Enforcement Actions ,
ESOP ,
Fair Credit Reporting Act (FCRA) ,
Fiduciary Duty ,
Foreclosure ,
Fraud-on-the-Market ,
Hallmark ,
Investment Adviser ,
Judge Rakoff ,
Life Insurance ,
NAIC ,
Patent Litigation ,
Patent-Eligible Subject Matter ,
Patents ,
Pharmaceutical Industry ,
Proxy Advisors ,
Putative Class Actions ,
Religious Freedom Restoration Act (RFRA) ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Strategic Enforcement Plan ,
Taco Bell ,
TCPA ,
Text Messages ,
Variable Annuities ,
Whistleblowers