Cyber Insurance

News & Analysis as of

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

The Treasury Recommends Cyberinsurance For Banks

If you think you are being overly paranoid about the recent cyber attacks on Sony, JP Morgan, and Target, think again. You aren’t the only one that has been paying attention – hackers are also front-and-center on the minds...more

On the Fourth Day of Privacy, My Insurance Carrier Gave to Me…..

gaps in my cyber liability coverage…………….. What can companies and insurers expect in the new year when it comes to cyber liability insurance coverage? While we wait for some court decisions interpreting these new...more

California Amends Law to Expand Businesses’ Obligations in the Wake of a Data Breach

Entities that own, license or maintain personally identifiable information on California residents beware – on January 1, 2015, an amendment to California’s privacy and breach law goes into effect that may have a significant...more

Does your company have insurance coverage for a data breach?

According to the Ponemon Institute, the average total organizational cost for a data breach in the United States in 2014 is $5.85 million. Forbes reports that Target has incurred costs of $236 million related to the December...more

Privacy Tuesday: December 2014 – The Twelve Days of Privacy 2014

Our series last year was a reader favorite, so we decided to put our prognosticator hats on again and present: Rather than look back at 2014, starting tomorrow, the Privacy & Security blog will count down The 12 Days...more

The Year in Tech Law 2014

In This Issue: - Veterans Day: One WWII Vet Lives Long and Goes Tech - The Skies Are Still Friendly, Despite Virgin Galactic Crash - Cyberwarfare Is Here; Is the U.S. Prepared? - High-Tech...more

When Seeking Cyber Coverage, Preparation is Key

In 2014, major data breaches were reported at retailers, restaurants, online marketplaces, software companies, financial institutions and a government agency, among others. According to the nonprofit Privacy Rights...more

Hackers Don’t Care About the Terms of Your Insurance Policy - The Importance of Retroactive Dates and Extended Reporting Periods...

A recent study reports that the median amount of time between an intrusion into a company’s computer network and the discovery of the incident is 229 days. The difficulty and length of time in detecting cyber infiltrations...more

Governments Eager to Help Market for Cyber Insurance Develop

Have you heard about cyber insurance? It is predicted to be the next big thing in insurance coverage. In the aftermath of the Home Depot and Target data breaches, it’s easy to see why companies doing business over the...more

Investment Management Update - Focus on Data Privacy and Cybersecurity [Video]

Pepper partners Gregory J. Nowak and Angelo A. Stio III discussed data privacy and cybersecurity issues for investment funds during a recent webinar for West LegalEdcenter. This podcast is a recording of their...more

Cyber Risks Facing Businesses Today  [Video]

Wylie Donald, a partner in the Insurance Coverage group at McCarter & English, counsels and litigates on insurance coverage and environmental matters. In this video, Wylie discusses the need to be proactive when it comes to...more

FIO Focus, No. 66 - Federal Advisory Committee on Insurance Meeting

On November 6, 2014, the Federal Advisory Committee on Insurance (FACI) met in Washington, DC. FACI heard presentations about the role of cyber insurance in cybersecurity, the affordability and accessibility of auto...more

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

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