Cyber Insurance

News & Analysis as of

It’s (Not) Academic: Cybersecurity Is a Must for Universities and Academic Medical Centers

Cutting-edge research institutions need cutting-edge cybersecurity to protect their IP and critical personal and financial data. Universities hold vast repositories of valuable information, including student healthcare...more

Data Security Breaches: Are you covered?

Data security breaches can have a significant impact a company’s bottom line. While larger corporations may be able to sustain the financial hit, small to mid-size corporations can be significantly impacted from the financial...more

Make Your Insurance Policies List and Check It Twice

As the holidays rapidly approach, it is a perfect time for retailers to review their insurance policies and understand the extent of their coverage. Seasonal hires, new products and revisions in services may expose retailers...more

Social Engineering Losses—Embarrassing Scam or Insured Loss?

The term Social Engineering keeps cropping up recently in the new world of cybersecurity—to what does this term refer? To a scam as old as the hills. You know the con: an innocuous person asks you to accept a cashier’s...more

Coverage for Business Interruption in Cyber Occurrences

Among the most critical cyber risks facing policyholders is the risk of business interruption in the event of a network breach or other cyber event. In our experience, the costs related to business interruption potentially...more

The Elephant in the Room – Catastrophic Property Damage from a Cyber Attack

This past October was the country’s first National Cyber Security Awareness Month, and that makes it an appropriate time to touch on a very troubling first-party exposure. Every day brings news of massive cyber attacks on...more

HR Data Security in the Spotlight

Cloud computing has the potential to provide on-demand efficiency, lower costs and flexibility for HR functions. However, it is important to manage a number of data privacy and security issues to protect sensitive HR data in...more

Another Cyber-Risk: Hacks That Cause Property Damage and Interrupt Business Processes

In recent years, there has been no shortage of news about large-scale data privacy breaches; incidents that have affected tens of millions of consumers nationwide. Those incidents have spurred a growing market for so-called...more

Breaches, Damned Breaches and Their Statistics

Interesting conclusions about data breach costs emerge from two new studies, the 2015 Ponemon Institute’s Cost of Cyber Crime Study: Global and the 2015 NetDiligence® Cyber Claims Study. While the phrase alluded to in our...more

Companies, Through Best Practices, Can Help Keep Cyber Insurance Prices Reasonable

In speaking to a cybersecurity conference in 2012, then FBI Director Robert Mueller told attendees that there are only two types of companies: those that have been hacked and those that will be. Sadly, with each passing day,...more

Mind The Gaps: Path To Privacy And Cyber Related Insurance Coverage Remains Uncertain

As lawsuits against companies for breach of privacy-related laws and cyber security failures continue to rise, the only thing that is certain is that it is uncertain just how much coverage is out there under commercial...more

Report on Student Data Privacy Highlights Two Key Issues For School Leaders

Student data privacy is the “it” issue right now in edtech, as evidenced by a recent special Student Data Privacy Report (free registration required) issued by Education Week. Education Week prefaces the report with a fact...more

7 Tips for Conducting Effective Cybersecurity Due Diligence in M&A Transactions

1. Start Early - Buyers should begin conducting cybersecurity risk assessments early in the engagement process. The target should be able to identify which information technology systems and data sets are key to the...more

Does the Schrems Decision Open the Door to New Cyber Insurance Exclusions?

The shockwaves continue from the October 6, 2015 ruling of the Court of Justice of the European Union (CJEU), the European Union’s highest court, invalidating the U.S.-EU “Safe Harbor” data transfer regime in a controversy...more

The Evolving World of Privacy and Data Security Covered at Nossaman-UCI Cyber Symposium

On October 12, Nossaman and UC Irvine hosted their first annual cyber symposium at the Los Angeles City Club. The event brought experts together to discuss a variety of critical issues in the worlds of privacy and data...more

Cybersecurity and Risk Management: “Navigating the Digital Age: The Definitive Cybersecurity Guide for Directors and Officers”

A timely new resource for business executives, technology professionals, and lawyers alike is the newly-published Navigating the Digital Age: The Definitive Cybersecurity Guide for Directors and Officers from the New York...more

Purchasing Cyber Insurance? Important Considerations from the Recent Nossaman/ UCI Cyber Symposium

On October 12, 2015, Nossaman and UC Irvine hosted a Cyber Symposium at the City Club in Los Angeles. The event included four panels of Nossaman lawyers, UCI professors, and private professionals who are experts in the areas...more

Policyholder Insider Quarterly

Some Words Are More Equal Than Others: BancInsure vs. FDIC - In George Orwell's "Animal Farm", the governing principle that "all animals are equal" was revised by the pigs, who had ascended into power, to "all animals...more

SEC Cybersecurity Update

Results from the SEC’s First Round of Cybersecurity Examinations - On February 3, 2015, the OCIE published a risk alert summarizing its findings from its examinations of over 100 registered investment advisers and...more

When a Cyber Attack Has Physical Impact

October ordinarily brings the return of crisp air, fall foliage, and Halloween. This year, for the first time, it also brings National Cyber Security Awareness Month. Yet designating a month to increase cybersecurity...more

Will it Cost More To Protect Your Company and Board from Cyber Attacks?

Businesses may find it more challenging to purchase or renew cyber liability insurance coverage, according to recent articles by Advisen¹, Reuters, and follow-up communications with Robert Parisi, managing director and...more

Cyber-Attacks on Aviation Industry Rising; Traditional Aviation Insurance Policies Might Not Provide Coverage

What has prompted an uptick in cyber-attacks on airports and airlines operations? CB: Cyber-attacks are on the rise worldwide against all industries. The aviation industry – including airports and airlines – are not...more

Data Breaches Are Not Academic: Colleges and Universities Should Take Appropriate Steps To Avoid or at Least Minimize Their...

Data breaches at colleges and universities are on the rise. These institutions are targets because their networks have access to a large amount of private information, including educational and medical records, as well as...more

Global Private Equity Newsletter - Fall 2015 Edition: Evaluating Cybersecurity Risks and Preparedness in Target Companies

Before committing resources to a potential investment, private equity firms should aggressively evaluate a target company’s cyber risks and cyber preparedness. Some target companies are naturally more exposed to cyber risk...more

Phishing for Cybersecurity Coverage: When is a Fraud a “Computer Fraud”?

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

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