Cyber Insurance

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Cybersecurity News & Notes – July 2016 #4

In Case You Missed It: U.S. Major party platforms address cybersecurity. The two major parties have released their 2016 election platforms, both of which include cybersecurity planks. The Republican platform’s perspective...more

Black Hat Reports Increase in Cybersecurity Concerns

The 2016 Black Hat Attendee Survey was published in advance of the 2016 Black Hat Conference. Not surprisingly, the respondents to the survey conveyed an increased concern regarding security breaches versus 2015. An alarming...more

Practical Cybersecurity Guidance from TheCityUK and Marsh

TheCityUK and Marsh have jointly published a report urging UK financial and related professional services sectors to step up their efforts to address cyber risk. The report (headed “Cyber and the City”) suggests that...more

New York Appellate Court Finds “Electronic Data” Exclusion Applies to Data Breach

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

Fourth Circuit Affirms CGL Coverage of Cyber Incident

In a recent, unpublished opinion, the Fourth Circuit held that an insurer had a duty to defend its insured under a CGL policy for a cyber incident. A class action complaint was filed against Portal Healthcare Solutions...more

Cyber Attacks Reach Subrogation

It was just a matter of time. As cyber-attacks rose and the data security breaches became increasingly devastating to businesses and individuals, cyber breach insurance became more prevalent. And where insurance appears,...more

"Privacy & Cybersecurity Update - June 2016"

In this edition of our Privacy & Cybersecurity Update, we examine the impact of Brexit on EU data protection, court rulings on cyber insurance policy exclusions and coverage gaps, recent statements from the FTC and the...more

Revisiting Cyber Insurance: Are You Covered?

Increasingly, companies are looking to insurance to help manage their cybersecurity risks and defray losses sustained from data breaches. Losses can range from reputational damage, business interruption, and professional...more

Defining the Contours of Cyber Coverage for Data Breach: a Warning in Arizona

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

First home cyber protection insurance offered by Hartford Steam Boiler

The Hartford Steam Boiler Inspection and Insurance Company has announced that it is offering “the first personal lines cyber insurance program for consumers, protecting against computer attacks, cyber extortion, online fraud...more

Arizona court applies traditional exclusion in modern “cyber” coverage form

In one of the first published rulings on coverage under a stand-alone “cyber” insurance policy, a federal court in Arizona recently applied old-school coverage analysis to a new-school cybersecurity policy in P.F. Chang’s...more

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

Your Organization is Impacted by Ransomware - Now What?

Some forms of cyber extortion are automated and not targeted at any specific victim. For example, “ransomware” refers to a type of malware that prevents users from accessing their systems unless, and until, a ransom is paid....more

District Court Grants Summary Judgment Against P.F. Chang’s In Cybersecurity Insurance Case

On June 13, 2016, the United States District Court for the District of Arizona granted summary judgment against P.F. Chang’s China Bistro, Inc. (“P.F. Chang’s”) in a cybersecurity insurance lawsuit that it brought against its...more

Data Breaches Response Costs Continue to Rise

SEC Chair Mary Jo White recently opined that cyber security is the biggest risk facing the United States financial system. Companies should take heed of that warning in light of the release of the 2016 Cost of Data Breach...more

Arizona Federal District Court Finds No Coverage for P.F. Chang’s for PCI Assessments

In one of the first decisions construing coverage under a stand-alone cyber insurance policy in the wake of a large-scale cyber security breach, the Arizona Federal District Court rejected restaurant franchisor P.F. Chang’s...more

Chinese Leftovers: P.F. Chang’s Not Entitled to $2 Million in Breach Costs

In what is thought to be the first published decision in a cyber insurance coverage case, popular Chinese restaurant chain, P.F. Chang’s, was denied coverage for certain costs incurred as a result of a 2014 data breach....more

How to Respond to a Cyber Extortion Demand

Cyber extortion refers to a situation in which a third party threatens that if an organization does not pay money, or take a certain action, the third party will take an adverse action against the organization. Among other...more

2016: The Year of Cyber Insurance?

It has been said that there are two types of companies in the world – those that have been hacked, and those that do not yet know they have been hacked. While perhaps an overstatement, it seems that every day, another company...more

Arizona Court Rules That Chubb Cyber Policy Does Not Cover Credit Card Theft Losses

As cyber attacks increase at an unprecedented pace, more and more businesses are purchasing cyber insurance to protect against that risk. The insurance industry now faces an avalanche of claims, and those claims now are...more

Mobile Device Privacy Considerations for Employers

The use of mobile devices in the workplace, including cell phones, tablets, and other devices, has generated significant risks for employers, both in terms of data security and of litigation strategy. Access to these devices...more

[Event] The 2016 Accountant Liability Update: Strategies for Success and Risk Avoidance - June 23rd, Waltham, MA

LeClairRyan invites you to join us for a free half-day seminar: The 2016 Accountant Liability Update, Strategies for Success and Risk Avoidance. The stakes could not be higher or more challenging. It is not your father's (or...more

Federal District Court Finds No Cyber Insurance Coverage For Costly Credit Card Fraud Assessments

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...more

Burr Alert: Two Federal Courts of Appeal Find Insurance Coverage for Data Breaches

Cases with intersecting issues of data breach and insurance coverage continue to slowly wind their way through the court system. After a number of past losses dealt to insureds who sought insurance coverage under their...more

Eighth Circuit Finds That Insurance Coverage Extends To Fraudulent Losses Caused By Computer Hacker

On May 20, 2016, the U.S. Court of Appeals for the Eighth Circuit affirmed breach-of-contract claims brought by Minnesota-based State Bank of Bellingham (“Bellingham Bank”) against BancInsure Inc. (“BancInsure”), an insurance...more

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