Cyber Insurance

News & Analysis as of

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

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

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

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

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

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

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...

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

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?

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

Know Your Cyber Insurance Gaps Before a Breach Hits

Data breaches are on the rise throughout the business sector, including the hospitality industry. In 2015, in California alone, there were approximately 178 reported breaches that compromised 24 million records,...more

Cyber Insurance 101: Read This Before Selecting a Cyber Insurance Policy

Several recent, large-scale cyber events, including both data breaches and cyber attacks, demonstrate that companies, both large and small, must protect themselves against the risk of a cyber event. Cyber insurance policies...more

Bryan Cave Data Security Breach Handbook - 2016

Since the first publication of this handbook in 2014, the legal ramifications for mishandling a data security incident have become more severe. In the United States, the number of federal and state laws that claim to...more

EU Retail News – November 2016

Celebrity Influence - The potential UK retail decline following Brexit - The recent announcement of Robert De Niro’s planned luxury boutique hotel in Covent Garden has turned fresh attention to the continuing trend of...more

Data Breach Decision Points: Part 5

The best way for a company to handle a data breach is to be prepared. As we discuss in our data breach readiness handbook, preparation includes, among other things, drafting an incident response plan, reviewing...more

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

Beazley Report Details Increase in Ransomware Attacks

A report issued last week by Beazley, one of the prominent insurance companies in the cyber field, revealed what industry experts predicted earlier in the year – ransomware is an increasingly prevalent menace. That report is...more

Consider Cyberliability and Network Business Interruption Insurance Coverage in Light of Recent DDoS Internet Attack

The October 21, 2016 DDoS attack on the internet’s domain name system infrastructure underscores the need to consider cyberliability insurance coverage as a critical component of your company’s security and privacy breach...more

Ninety-Nine Problems but a Breach Ain’t One: Cybersecurity Lessons for Insurers

In the movie WallStreet , the character Gordon Gekko famously states that information is the most valuable commodity he knows. These days, the same could be said of data, which can now be bought, sold, and, increasingly,...more

Recent CyberSecurity Incidents Emphasize Importance of Cyberinsurance

As the threat of cyberattacks continues to pose daily threats to businesses large and small, more companies have turned to cyber insurance products to shore up protection against these disruptive threats. A spate of recent...more

What to Look for When Buying Cyber Insurance

Most retailers know they need insurance to cover risks to their property such as fire or theft, or their risk of liability if someone is injured in the workplace. As numerous high-profile breaches demonstrate, retailers also...more

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