General Business Insurance Science, Computers & Technology

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.
News & Analysis as of

Data Breach Insurance: Does Your Policy Have You Covered?

Recent developments in two closely watched cases suggest that companies that experience data breaches may not be able to get insurance coverage under standard commercial general liability (CGL) policies. CGLs typically...more

Will Your Cyber Insurance Respond When You Need It Most?

On May 7, Columbia Casualty Company, an insurance company, filed one of the first lawsuits by an insurer seeking to deny coverage for a privacy class action under a cyber insurance policy. Why is this significant? As the...more

Five Takeaways from the First Cyber Insurance Case

On May 11, 2015, in a case that is being widely celebrated as one of the first coverage rulings involving a “cyber” insurance policy, a federal court ruled that Travelers has no duty to defend its insured in Travelers...more

Data breach coverage denial upheld by Connecticut Supreme Court

In a 3 page per curiam decision issued this week, the Connecticut Supreme Court upheld a lower court’s decision holding in Recall Total Information Management, Inc., et. al v. Federal Insurance Company, that Federal Insurance...more

Connecticut Affirms Personal Injury Coverage for Data Breach Requires Actual Publication

As expected, the Connecticut Supreme Court has affirmed decisions by both the trial court and intermediate appellate court that personal injury liability coverage for a business’s data loss or theft requires publication as a...more

Connecticut Supreme Court Affirms No Coverage for Lost Tapes Absent Publication of Data

In Recall Total Information Mgmt., Inc. v. Federal Ins. Co., SC19201 (Conn. May 18, 2015), the Connecticut Supreme Court held that where there was no factual support that anyone ever actually accessed private information...more

Cybersecurity: Integral to Overall Risk Management for Insurers and TPAs

Recent data breaches have brought cybersecurity to the attention of insurance companies, and serve as a reminder to third party administrators ("TPAs") that cybersecurity issues are a serious compliance and regulatory...more

Allegations of Purposeful Data Withholding Do Not Trigger Cyber E&O Coverage

In Travelers Property Casualty Co. of America v. Federal Recovery Servs., Inc., Case No. 2:14-CV-170 TS (D. Utah May 11, 2015), the United States District Court for the District of Utah held that where a cyber liability...more

Insurance Coverage for Cyberliability: An Emerging Market

Most businesses understand that their exposure to cybercriminals is not a question of “if,” but “when.” With leaks and hacks on the rise, companies have started looking to insure against potential losses. Companies may look...more

Insurance Regulatory Bellwether: NAIC Adopts 12 Principles for Effective Cybersecurity for Regulators

The National Association of Insurance Commissioners (“NAIC”) is all over cybersecurity. On April 16, 2015, as a part of its aggressive work plan to help the insurance sector come up with an effective cybersecurity framework...more

Technology Companies: When a Product Complaint Arises, Will Your Insurance Cover the Claims?

- Sometimes, technology products contain flaws. - Purchasers may complain to the manufacturer about the flawed products, and some complaints become multi-million dollar liabilities. - After receiving such a...more

Addressing Cyber Attacks and Data Breaches in Supplier Contracts - Part 1: Contractual Protections With Respect to Data Breaches

Given the unrelenting, it seems, news reports of cyber attacks and data breaches affecting customer records and data, the issue of what are the appropriate contractual provisions that should govern data breaches in a contract...more

IREG Update

Cybersecurity and the Insurance industry - Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York...more

Insurers Pay to Avoid a Precedent Finding CGL Coverage for a Cyberbreach – the Zurich v. Sony Settlement

It was reported today that the widely-watched data breach case, Zurich American Ins. Co., et al  v. Sony Corp. of America (N.Y. Sup. Ct. Feb. 21, 2014), has been settled before the New York appellate court could issue an...more

Cybersecurity is a Real Risk, So Become “Compromise Ready”

Many have heard that “it is not a matter of if a company will be attacked, but when.” Statements like this used to be met with skepticism – companies would say we do not have information hackers want, we outsource our...more

NAIC Provides Insurers and Regulators with Guidance on Data Security

Cybersecurity risks have become more significant as critical consumer financial and health information is increasingly stored in electronic form. On April 16, 2015, the National Association of Insurance Commissioners (NAIC)...more

Telematics and Usage-Based Insurance: Benefits, Challenges, and the Future

The NAIC’s Center for Insurance Policy and Research (CIPR) released a white paper in March 2015 providing an excellent overview of the brave new world of automobile “telematics” data and their use in premium rate-making by...more

NAIC Update – Spring 2015

The National Association of Insurance Commissioners (NAIC) held its first national meeting for 2015 in Phoenix, Arizona, from March 26 through March 31. Noteworthy new initiatives include cybersecurity, price optimization and...more

Regulators Examining Cybersecurity Policies and Practices for the Insurance Industry

Shortly after the discovery of a cybersecurity breach at the health insurance company Anthem, Inc., the National Association of Insurance Commissioners (NAIC) called for a multi-state examination of Anthem’s cybersecurity...more

Five Steps To Data Breach Coverage For Card Issuer Liability

Target’s $19 million settlement with MasterCard underscores very significant sources of potential exposure that often follow a data breach incident. In the wake of any significant breach involving payment cards, such as the...more

Protecting the Data Lode: NAIC Addresses Cybersecurity

With cyber-attacks and data breaches making frequent headlines, the NAIC in November 2014 took steps to promote protection of insurance industry information by creating the Cybersecurity (EX) Task Force. The task force will...more

The Big Deal About Big Data: What Life Insurers Must Know

Big data and predictive analytics, which forecast future outcomes based on past occurrences, allow companies to examine large stores of data and uncover patterns that can be used to gain a competitive advantage. Long-used in...more

IP Newsflash - March 2015 #3

FEDERAL CIRCUIT CASES - Federal Circuit Reverses $61 Million Judgment Based on Erroneous Claim Construction - Despite the Supreme Court’s recent Teva v. Sandoz decision that factual findings by a district court...more

NAIC Amps Up Cybersecurity Oversight

The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity...more

Cyber Risk as a Regulatory Issue: Tales of Encryption

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

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