News & Analysis as of

Cyber Insurance

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

Am I Covered Now!

by Poyner Spruill LLP on

The cybersecurity breaches rippling through the global economy create enormous costs for the affected businesses and organizations. As a result, many companies are focusing increased attention on obtaining insurance coverage...more

Where Should Broker Dealers Invest Today? Cyber Security Compliance

With cyber security threats on the rise, broker dealers must prioritize protection of electronic investor information. What cyber security threats exist for broker dealers? In its 2015 Report on Cyber Security Practices,...more

Security Breaches Costly and Inevitable?

by Fisher Phillips on

Yahoo recent announcement that CEO Marissa Mayer would forego a 2017 stock award (after giving up a 2016 cash bonus) following security breaches in 2014, 2015 and 2016 underscores the importance of having a security team in...more

"Privacy & Cybersecurity Update - February 2017"

In this edition of our Privacy & Cybersecurity Update, we look at a series of recent court rulings regarding standing in privacy cases, most of which suggest plaintiffs will continue to have a difficult time establishing...more

A Close Look at Policy Wording Is Essential to Ensure Coverage for Cyber Risks

As the demand for insurance coverage for cyber-related losses continues to grow, more insurance companies are offering cyber insurance policies and endorsements, but the market is far from mature and the available policies...more

Cybersecurity Risks and Liabilities for Employers, Retirement Plan Sponsors and Fiduciaries

by Winstead PC on

Many employers historically were only concerned with privacy and security for health plans under the privacy regulations issued under the Health Insurance Portability and Accountability Act of 1996 (‘‘HIPAA’’) and State laws;...more

Cybersecurity: 2017 Report & 2016 Reflections - What Businesses and Boards Need to Know

by Bennett Jones LLP on

In 2016, cybersecurity continued to grow as a primary business risk for companies worldwide. Data breaches continued to escalate both in number and magnitude and the landscape of legal and regulatory liability evolved and...more

Cyber Insurance: A How-To Guide

by Bryan Cave on

Most organizations know they need insurance to cover risks to the organization’s property like fire or theft, or their risk of liability if someone is injured in the workplace. But, a substantial portion of organizations...more

"Privacy & Cybersecurity Update - January 2017"

In this edition of our Privacy & Cybersecurity Update, we discuss how the prospect of a new chair and three new commissioners at the FTC may impact the agency's approach to cybersecurity regulation, a new Massachusetts...more

Insurance When the Internet Goes Down

Business interruption coverage is now a staple of many companies’ insurance programs. One of the “optional” first-party property coverages included in standard property policies, it is intended to compensate companies for...more

What Did They Say About Cybersecurity in 2016? 8 Proclamations from Regulators and the Courts

by Orrick - Trust Anchor on

There is no such thing as compliance with the NIST Cybersecurity Framework (FTC). In September, the FTC dispelled a commonly held misconception regarding the NIST Framework: It “is not, and isn’t intended to be, a standard or...more

6 Things to Know About Cyber Liability Insurance

Are you covered? Here are 6 things to know about cyber liability insurance (also known as data breach insurance): Coverage is still evolving. Over 60 insurance companies – maybe more – offered such a policy; however,...more

What’s the deal with data breach insurance

by Fox Rothschild LLP on

A recent Investment News article highlighted a burgeoning market for financial advisors looking to protect their practices; namely, data breach insurance. Although such insurance seems like a great idea, you need to exercise...more

New York Department of Financial Services Revises Proposed Cybersecurity Rule

by Holland & Knight LLP on

The New York Department of Financial Services (NYDFS) recently issued a revised proposed regulation seeking to add its own mandate of cybersecurity requirements to those already in existence for banks, insurance companies and...more

Insurance Coverage for Lost Profits Arising from Cyber Attacks on the U.S. Power Grid – Contingent Business Interruption Coverage...

by McGuireWoods LLP on

The Washington Post reported Friday that Russian hackers had penetrated the U.S. utility grid through Burlington Electric, a Vermont utility. Although the utility later clarified that the attacked computer was not connected...more

"Privacy & Cybersecurity Update - December 2016"

In this month's edition of our Privacy & Cybersecurity Update, we examine modifications to New York state's proposed cybersecurity regulations for financial institutions, a 5th Circuit ruling that a phishing scam is not...more

Top 10 Litigation Risks and Trends for Retailers

by Perkins Coie on

With the 2016 holiday shopping season in full swing, the risk of litigation heightens for retailers. We created our own version of a “holiday list” to identify the top-10 risk areas where retailers may be vulnerable to claims...more

The Internet of Things: Is Your Cyber Insurance Protecting You?

by K&L Gates LLP on

When the U.S. Department of Homeland Security, the National Highway Traffic Safety Administration, and the Food and Drug Administration each have issued guidance on the risks to health, safety, and productivity associated...more

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Cybersecurity

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