Cyber Attacks Cyber Insurance

News & Analysis as of

How to Protect Your Company’s Bottom Line Against Data Breach Losses Through Insurance

In the wake of what seems to be daily announcements of new data security breaches and increased regulatory oversight over company information security and privacy practices, companies are looking for ways to minimize risks...more

Hack Attack?

Breathing a sigh of relief that he neither works for U.S. agencies requiring security clearances nor do his hiring policies require the details of mental illnesses, drug and alcohol use, past arrests, bankruptcies, Joe Hyre...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

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

United States Department of Justice Announces “Best Practices” for Addressing Cyber Attacks

In light of the growing concern over cybersecurity, the United Stated Department of Justice (“DOJ”) issued guidance last week on how to prepare for and respond to cyber attacks. Taking lessons learned by federal prosecutors...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

Privacy & Cybersecurity Update - April 2015

In This Issue: - DOJ Issues Cyber Preparation and Response Guidance - RadioShack’s Plan to Auction Customer Data Highlights Issues Over Treatment of Such Data as an Asset - Google v. Vidal-Hall and...more

Effective cybersecurity: 8 questions for you and your team

Cybersecurity has become a top-tier risk for US and multinational organizations. It is only a matter of time before a determined hacker will penetrate your organization’s system and successfully exfiltrate some data. (Indeed,...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

Are Cyber War & Cyber Terrorism Insurable?

The frequency of cyber war and terrorism is no longer the risk. The magnitude of the potential damages is the real threat. It’s conceivable that an enemy of the U.S. government could hack a U.S. energy, water, or fuel...more

Corporate Hacking and the Financial Services Industry

The question is not whether you are going to be hacked, but rather when and how often. That thinking is so pervasive in the cyber-security industry that industry participants now refer to “cyber-resilience” to better describe...more

Looking At Angles Of Liability After A Cyberattack

All employers have personnel data on their information technology systems and devices. This data includes personally identifiable information such as names, addresses, birth dates and Social Security numbers of employees and...more

Sizing Up Cyber Risks after the Sony Breach

Sony’s most recent data breach underscores the difficulties in underwriting and insuring cyber risk. Sony incurred losses that were surprising in both their scope and type. The company already is a defendant in at least four...more

Investment Management Update - Focus on Data Privacy and Cybersecurity [Video]

Pepper partners Gregory J. Nowak and Angelo A. Stio III discussed data privacy and cybersecurity issues for investment funds during a recent webinar for West LegalEdcenter. This podcast is a recording of their...more

Cyber Risks Facing Businesses Today  [Video]

Wylie Donald, a partner in the Insurance Coverage group at McCarter & English, counsels and litigates on insurance coverage and environmental matters. In this video, Wylie discusses the need to be proactive when it comes to...more

Are you Really Protected? The Proliferation of Data Breaches Highlight the Increasing Role Cyber Insurance will Play

Every day seems to bring a new story about a significant data breach. Just within the last few weeks we have learned of the following cyber attacks... ...more

Does Your Cyber Risk Policy Protect You In the Event of an Insider Attack or Data Breach?

Protecting a company against data breaches requires not only measures to prevent the adverse cyber event, but also adequate insurance to minimize the financial impact should such an event occur. Unlike traditional lines of...more

The Inevitable Cyber Break In: Are You Protected?

The prevalence of cyber data breach over the years has not only grown in number, but has also grown in size. Perhaps the most well-known example of a large-scale data breach is that suffered by Target Corp. occurring at the...more

New Mandatory Exclusions in Standard CGL Policies Limit Coverage for Data Breaches

The insurance industry continues to respond to the growing threat of data breaches by directing businesses facing that risk towards new, risk-specific cyber insurance products, while attempting to restrict coverage for data...more

If Exposed to Cyber-Attacks, Cyberinsurance May Cover Losses

Your network is your company’s life blood. You want to be protected in the event your cybersecurity is breached; the attack on Target being a recent, well-publicized reminder to the threat of cyber attacks. ...more

SEC Cybersecurity Initiative: Five Steps ALL Broker-Dealers and Investment Advisers Should be Taking

Last week, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more

Cyber Insurance: A Last Line of Defense When Technology Fails

As cyber risks increase, specialized insurance policies can protect companies, but only if those policies are appropriately tailored and negotiated. Daily news headlines reveal the escalating, and costly, problem of...more

Surplus Lines Insurance in Texas: A Dark Horse

Texas is the second largest surplus lines insurance market in the United States, collecting over $4 billion in premiums annually. Surplus lines insurance is important as it can provide insurance to those whose needs are not...more

Cyber breach insurance: What, me worry? - Part of counsel’s job may be to ensure that the department in the company that “owns”...

One of us recently asked an in-house counsel friend in charge of litigation for a major company what questions he had about cyber insurance. His response, besides a blank look, was “I’m sure someone else in the company...more

Cyber-insurance: Mitigating the dreaded Friday night phone call - In order to maximize coverage, companies need to make a claim...

Every in-house counsel dreads the telephone call on a Friday evening that starts with the words “I’m glad I found you.” That’s especially true if that telephone call informs the in-house counsel about the newly terminated IT...more

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