News & Analysis as of

Cyber Insurance

Yet another Target settlement highlights data breach costs

by Thompson Coburn LLP on

In what appears to be the closing act of the saga that is the Target data breach, on May 23 the retailer announced it had reached a settlement agreement with a coalition of 47 states’ attorneys general. Pursuant to the...more

Managing Cyber Risks: Tips for Purchasing Insurance That Works for Your Business – Part II

by Blank Rome LLP on

This article highlights several strategies for maximizing the value of a cyber insurance purchase. The first part of the article, which appeared in the May 2017 issue of Pratt’s Privacy & Cybersecurity Law Report, highlighted...more

WannaCry, Adylkuzz, and Cyber Breach: How to Maximize Insurance Coverage in the Event of Cyber Attack

by King & Spalding on

The worldwide hack that surfaced on May 12—known as “WannaCry”—wreaked havoc on hundreds of thousands of computers across the globe and is one of the biggest ransomware hacks the world has ever experienced. The U.K.’s...more

Privacy Perils: To Insure or Not to Insure – Options for Cyberliability Insurance

by Bass, Berry & Sims PLC on

The commercial cyberliability insurance market is well-established, with U.S. corporations now spending in excess of $1 billion annually on insurance premiums for coverage....more

Privacy & Cybersecurity Update - May 2017

In this edition of our Privacy and Cybersecurity Update, we take a look at the Trump administration's executive order outlining its cybersecurity plans, Acting FTC Chairwoman Maureen Ohlhausen's comments on the possible...more

No More Tears: Insurance Coverage For The "WannaCry" Ransomware Attack

by Jones Day on

This month's WannaCry "ransomware" attack—the first truly global incident of its kind—is believed to have affected at least 300,000 computers in over 150 countries, claiming among its victims many large corporations and...more

Do Recent Events Make You “Wanna Cry”? - Massive ransomware attacks are just another reason to have robust cyber insurance in...

On May 12, a massive ransomware cyber-attack infected over 100,000 computers in more than 150 countries. This malware, a Trojan virus known as “WannaCry,” “WanaCryptor,” or “Wcry,” encrypts files, and then threatens to...more

Testing the Limits II – Cyber Coverage Litigation Keeps on Rolling

by Locke Lord LLP on

As cyber risks continue to evolve, resulting insurance claims continue to implicate a variety of types of policies. Although many claims are addressed without lawsuits being filed, some are not. And while not all coverage...more

Weapons in the Cyber Defense Arsenal

by Wilson Elser on

In May 2017, the world experienced an unprecedented global cyberattack that targeted the public and private sectors, including an auto factory in France, dozens of hospitals and health care facilities in the United Kingdom,...more

WannaCry Ransomware Alert

This is not a drill. Companies and law enforcement agencies around the world have been left scrambling after the world’s most prolific ransomware attack hit over 500,000 computers in 150 countries over a span of only 4...more

DocuSign Breach a Strong Reminder for the Mortgage Industry to Manage Third-Party Service Provider Risks

by Ballard Spahr LLP on

On May 16, DocuSign confirmed that a data breach resulted in widespread malware phishing attacks targeting its customers. DocuSign provides electronic signature solutions for many companies in the mortgage banking industry...more

The WannaCry Affair - Three Cyberinsurance Related Tips for Clients

by Poyner Spruill LLP on

As we have previously noted, a recent ransomware attack crippled over 75,000 computers in over 100 countries. The “WannaCry” appears to be the largest Ransomware attack to date. However, cyber-experts are already warning of a...more

Cyber Insurance: A Necessary Shield Against Digital Infiltration

The threat of a cyber-attack is hardly virtual. From covertly installing malware that holds a victim company’s data hostage, to soliciting confidential information via email under the false pretense that they are privy to...more

Global Ransomware Attack Update

We’ve been following the latest on the WannaCry ransomware attack that we first told you about over the weekend. A feared “second strike” did not materialize today, but victimized firms in over 100 countries are still...more

Friday’s Massive Malware Attack – Cyber Insurance and the Importance of IMMEDIATE Notice to Insurers

by McGuireWoods LLP on

On Friday, May 12, 2017, a massive ransomware attack swept across the globe. As of the date of this post, the attack reportedly had infected more than 100,000 organizations in 150 countries. The attack continues to propagate...more

Law Firm Sues Insurer Over $700K in Lost Billings Due to Ransomware Attack: eDiscovery Trends

by CloudNine on

A small Rhode Island law firm has filed a lawsuit against its insurance company after the insurer refused to pay $700,000 in lost billings following a ransomware attack on the firm that locked down the firm’s computer files...more

Q: Could You Be Dragged Into Court For A Company Data Breach? A: It Depends

by Fisher Phillips on

This same time last year, many in the business community were eagerly anticipating the U.S. Supreme Court’s ruling in Spokeo, Inc. v. Robins, which was to decide the standard that should be applied to determine whether...more

Winery, Vineyard Cyber Attack Risk Grows With Web-Connected Systems

In the internet of things (IoT), new opportunities for efficiency continually bring new cyber risk. If a device in your winery or vineyard connects to the internet, it is vulnerable. And so is the rest of the system connected...more

Five Pitfalls of Cybersecurity Insurance: Lessons from the United States

by Bennett Jones LLP on

Given the increasing threat of cyberattacks and the corresponding costs, businesses are increasingly considering cybersecurity insurance. But insurance is only as effective as the scope of the coverage. Though Canadian...more

"The Emerging Need for Cybersecurity Diligence in M&A"

Cybercrime has emerged as one of the foremost threats a company faces. As a result of a few keystrokes, a company may find its customers’ data sold on the dark web, its intellectual property in the hands of a competitor or...more

The Road to Autonomous Vehicles: Insurance Implications

by Jones Day on

As autonomous vehicles move toward mass implementation, businesses in this industry segment are studying product liability questions that will arise, some of which are likely to be distinctly different in character from the...more

Data Breach Risks for 401(k) and Retirement Plans

by Jones Day on

There has been a recent spike in attacks on 401(k) and retirement plans by cyber criminals. Some have been reported publicly, and we are aware of several nonpublic incidents as well....more

Do you get Bragging Rights if the Malware Infecting your Computer was Named after Zeus?

by Bryan Cave on

Over the last decade as the specter of cyber attacks has increased dramatically, financial institutions have been encouraged to look into the use of cyber fraud insurance as one means of minimizing risk. A recent decision by...more

"Cybersecurity Trends for Boards of Directors"

Cybersecurity has in recent years become an integral component of a board’s role in risk oversight, but directors often find themselves in unfamiliar territory when it comes to formulating policies and oversight processes...more

New York Regulations Heighten Need for Due Diligence and Cyber Insurance Coverage

by Robins Kaplan LLP on

Cybersecurity rules from the New York Department of Financial Services (DFS) went into effect on March 1 and now banks and insurers are faced with an increasing level of potential legal exposure for data breaches. This...more

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Cybersecurity

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