Cyber Insurance

News & Analysis as of

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

Financial Regulatory Developments Focus - March 2015 #3

In this issue: - US Federal Reserve Board Proposal Requiring Banking Organizations to Include Legal Entity Identifiers on Reporting Documents - Comptroller of the Currency Thomas Curry Testimony -...more

A Look Back: NetDiligence 2014 Cyber Claims Study

The NetDiligence 2014 Cyber Claims Study relies on data voluntarily provided by insurers about amounts paid out on cyber claims occurring from 2011 through 2013. Since the Study only accounts cyber claims reported to larger...more

Insurance Review (Australia) - February 2015

In This Issue: - REGULATORY: - The Financial System Inquiry - Insurance Reform In The UK - CYBER: - Top Five Privacy And Cyber Predictions, Trends And Issues Impacting Insurers In 2015 And...more

Boom or Bust? Cyber Security and Data Breach Loss in Latin America

Every day in the news we are assaulted by reports of cyber security and data breaches of industry giants, major retailers and financial conglomerates that compromise the privacy and security of millions. In the wake of such...more

Health Update - February 2015

Cyber Risk Insurance Policies: What You Need to Know - Editor’s Note: As data breach incidents and related cyber risks continue to increase and gain publicity—and government agencies become more actively involved in...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

Cybersecurity Insurance – One Size Does Not Fit All

With headlines of data breach incidents becoming a weekly, if not daily occurrence, it’s not surprising that many companies are considering whether they should purchase cybersecurity insurance, if they haven’t already. The...more

With Self-Driving Vehicles on the Forefront, Companies Should Consider Cyber Insurance Coverage Options

As we move closer to a world of self-driving cars, it is important for companies involved in their manufacture to consider cyber insurance policies to provide coverage for the risks brought by this new technology....more

Trends To Watch In Cyber Liability and Reputational Insurance

With major data breaches again making news, it is important for corporate policyholders to keep abreast of insurance developments in this emerging and fast-moving area. In this update, we provide some thoughts on cyber...more

Undercover of the Night – Hacking, Data Breaches And The Terrorism Exclusion

In recent years, there have been several notable large data breaches that have caught the attention of the media. Home Depot and Target are examples of major corporations that have been hacked. ...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

"Insights Conversations: Cybersecurity"

This past year has been called the "year of the massive data breach," with many high-profile attacks on well-known companies. Skadden partners Cyrus Amir-Mokri, Patrick Fitzgerald, Marc S. Gerber, Stuart D. Levi and Timothy...more

Alert: Five Ways to Reduce Your HIPAA Liability

As of early December 2014, 1,170 security breaches under the Health Insurance Portability and Accountability Act (HIPAA) involving 31 million records had been reported to the U.S. Department of Health and Human Services (HHS)...more

Five 2015 Corporate Compliance / Litigation Issues Manufacturers Need To Keep An Eye On

It is our annual tradition at the beginning of each year to report on significant issues that face manufacturers/distributors in the year ahead.  Two weeks ago, Matt reported on significant issues in the labor/employment...more

Treasury Official Advocates for Cyber Insurance

Why it matters - Reflecting the continued regulatory focus on cyber risks, Deputy Secretary of the Treasury Sarah Raskin has some advice for banks: buy cyber insurance. Speaking at the Texas Bankers’ Association...more

Protecting Against Cyber Risk - A Primer on Cyber Insurance

There was no shortage of stories about massive data breaches in 2014 and things likely won't slow down in 2015. As these stories continue to grow in number, corporate America has started to explore ways to insure against this...more

Treasury: Ten Questions for Bank Executives and Boards of Directors

On December 3, 2014, Sarah Raskin, Deputy Secretary of the U.S. Department of Treasury (Treasury), gave a speech before the Texas Banker’s Association Executive Leadership Cybersecurity Conference. Deputy Secretary Raskin’s...more

A Corporate Counsel’s Guide to Cyber Insurance

On an almost daily basis, you are reminded of why you should worry about the security of your company’s data and information systems. Whether it be from headlines in hard copy, broadcast, or online media, your senses have...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

What Do Employers Need to Know in the Wake of the Latest Data Breach?

Sony Pictures Entertainment, Inc. is the latest high-profile business victim of data theft. The consequences have been significant. In response to threats of violence, Sony has reconsidered its range of options for the...more

Data Security, Cyber Liability and First-party Costs for Mid Cap and Small Companies Are Reaching Catastrophic Levels

Curiously, while the numbers on data security and cyber liability losses have grabbed headlines, the published information has not focused on the insurance perspective. NetDiligence® recently released its Cyber Claims Study...more

Treasury Official Urges Banks to Consider Cyber Insurance, Assess Cybersecurity Readiness

On December 3, Deputy Secretary Raskin delivered remarks at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference. During her prepared remarks, Raskin noted recent data security breaches across many...more

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