Cyber Insurance

News & Analysis as of

"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

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

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

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