Cyber Insurance

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Cyber coverage: mind the gap

This alert identifies a number of important themes in the growing area of exposure to cyber risks and offers advice on how to negotiate the new array of insurance coverage on the market....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

Cyber Liability Insurance: Where’s the Beef?

“Cyber liability insurance” is often used to describe a range of insurance policies, in the same way that the word cyber is used to describe a broad range of information security related tools, processes and services....more

Cyber Risk Insurance: Surging Demand and Evolving Coverage

Cyber risk insurers are doing a brisk business these days. Reports of data breaches abound, and risk managers are understandably looking to offload some of the risk through insurance. As a result, insurers are issuing new...more

Expect Focus - Regulators Are Watching: New Products, New Opportunities, New Risks - Volume III, Summer 2014

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

Post navigation Cyber Insurance Primer – An Overview of Coverages

Insurance coverage for cyber risk – both first-party and third-party loss – is a burgeoning type of insurance many major carriers are now offering to their policyholders. In view of this significant growth, this blog will –...more

Corporate Insurance Trends 2014

Although we are seeing the tail end of many of the claims which arose from the Global Financial Crisis, the sophisticated plaintiff’s bar and ever-developing class action landscape means that companies and their officers will...more

Cyber, Data-Security Liability Claims: Coverage Under Traditional Lines of Insurance

Recent, large-scale data breaches at several well-known companies underscore the substantial risk that businesses now face with respect to cyber, data-security liability. In this year alone, numerous companies – including...more

Learning from Target: Insurance Coverage for Data Breaches

Cyber liability is a clear and present danger. Target Corp. recently reported at least $235 million as gross expenses related to its 2013 data breach. Fortunately, Target was able to recover $90 million of that loss under...more

Director Liability for Cybersecurity Risks

If a corporation is the target of a cyberattack resulting in a data breach, its board may be the target of a shareholder derivative action claiming breach of fiduciary duty. A recent example is Palkon v. Holmes, No....more

Be Careful What You Promise in Your Company’s Privacy Policy!

When you or your clients are updating a privacy policy to provide a carveback for this type of M&A scenario, you should also check to be certain that the existing cyber/privacy insurance policy contains coverage for a...more

Why Cyber Security? [Video]

• Electronic data and credit card information can be compromised due to malware, phishing, spear phishing, data loss and data theft • The risk of cyber liability is real for ALL enterprises whether large or...more

Does your CGL Policy Include Cybersecurity Coverage?

As implied by the name, the commercial general liability (CGL) insurance policy provides businesses with coverage for a wide array of claims by third parties, including claims for damage to “tangible property” and claims...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

Cyber Risks For The Boardroom

The Recent Increase In Focus on Privacy Issues - Privacy issues have been the focus of many state efforts over the past few years. However, the SEC has increased their focus tremendously over the past few months (see...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

Cyber Security: Forewarned is Fair-Warned

When Wei Wong, owner of Sushi Mushi, a popular Japanese food bistro in Texas, installed a phone add-on to take credit and debit card payments straight from his employees’ phones, his revenues skyrocketed. Yesterday the Feds...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

Data Breach Liability Exclusion – It’s Not Your Father’s CGL

No business is immune to data breach. Digital data in particular can be lost in innumerable ways, causing serious business interruptions and consumer injuries. After falling victim to a hack, virus, or cyber theft, companies...more

Policyholder Observer

Encryption Flaw "Heartbleed" Creates Data Risk: How Insurance Can Stanch the Bleeding - In early April, news broke of an encryption flaw named “Heartbleed” that exposed companies to data breaches for over two and one...more

Data Breach + No Insurance + No Legal Counsel = #Loss

Welcome to the new age! Data breaches are embedded in our lives – there is no escape. The costs to any company to operate a business without cyber liability insurance and legal counsel are astronomical. Is your company...more

Insurance Coverage for Data Breaches - What Every Business Needs to Know

According to FBI Director Robert Mueller, "there are only two types of companies: those that have been hacked and those that will be…." Computer hackers stealing our personal information (social security numbers, bank...more

Insurance Coverage for Data Breach Claims

Recent examples of data breaches resulting in invasion of privacy lawsuits abound. Target and other retailers, financial services companies and other businesses have had their internal data systems breached and consumers’...more

Where is the Cyber Insurance Market Heading?

After months of shocking reports of cyber breaches and data thefts at some of the largest retailers and the scramble of companies in just about every line of business to adjust to the new normal of cyber risk, we recently had...more

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