News & Analysis as of

Cyber Insurance

Corporate Insurance Newsletter – July 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please see...more

Legal Malpractice Claims Level Off as Conflicts and Cyber Claims Rise

by Dentons on

Statistics regarding the type, frequency and severity of legal malpractice claims submitted to insurers during 2016 were released at the end of June. From the law firm and attorney perspective, the news is generally good in...more

Cyber Claims in Mexico: A Reactionary Evolution of an Insurance Sector

by Zelle LLP on

In the wake of numerous cross-border, well-publicized cyber-attacks, cyber-insurance has quickly become a hot issue. This area has also become a trending topic because of the abrupt and quick need for response in a generally...more

District Courts Buck Trend on Fidelity Coverage for Social Engineering and Business Email Compromise Schemes

by Carlton Fields on

The FBI continues to warn that losses are on the rise from business email compromise (BEC) or “social engineering” schemes, which the Bureau describes as: Carried out by transnational criminal organizations that employ...more

Avoiding Management Struggles When it Comes to Data Breaches: Part 5

by Bryan Cave on

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

D&O Insurance Tips: Purchasing and Maximizing Coverage

by GB&A Insurance on

Aside from insurance executives themselves, insurance is not a topic that raises excitement among directors and officers. In fact it may feel more like necessary torture. Applications with The same never-ending questions,...more

Cyber Insurance Primer

by Butler Snow LLP on

The number of reported U.S. data breaches tracked through June 30, 2017 hit a half-year record high of 791. This represents a significant jump of 29% over 2016 figures during the same time period. At this pace, it is...more

Cyber Insurance: Get What You Pay For              

by Fisher Phillips on

Due to the increasing number of successful and attempted cyber-attacks and increased government scrutiny surrounding protection of confidential information, companies cannot ignore the various risks associated with potential...more

Two Court Rulings Show Coverage Difficulties for “Fake President” Fraud

by Nossaman LLP on

A few weeks back, the Insurance Recovery report posted a blog about the difficulty obtaining insurance coverage for “fake president” fraud, which is also known as business e-mail compromise, or social engineering fraud. Two...more

Captive Insurance Update | Issue No. 1 | 2017 - A summary of state and federal developments in the captive insurance industry

Changes at the Top - Republican Phil Scott was elected Governor of Vermont in November 2016, having previously served as Lieutenant Governor for six years. Governor Scott has re-appointed Michael Pieciak to serve as the...more

Privacy & Cybersecurity Update - July 2017

In this month's edition of our Privacy & Cybersecurity Update, we examine new privacy laws in Germany, an FTC settlement with an alleged consumer loan company over unfair and deceptive practices, the dismissal of a data...more

The Many Cyber Exclusions Within D&O Policies

by GB&A Insurance on

Despite all of the large scale hacks and cyber related headlines, cyber security litigation itself remains in its infancy. Case law is sparse, and policy language is slowly beginning to adapt itself to modern risk. In the...more

Avoiding Management Struggles When it Comes to Data Breaches: Part 1

by Bryan Cave on

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

Cybersecurity: Spear Phishing Covered Under Insurance Policy Where Code Manipulated

by Bennett Jones LLP on

Increasingly, insureds faced with cyber fraud losses are going to the courts to interpret their policies. In The Brick Warehouse LP v. Chubb Insurance Company of Canada, 2017 ABQB 413 [The Brick Warehouse], and in Taylor &...more

How To Protect Your Company From Cyber Regulatory-Enforcement: Part 2

by GB&A Insurance on

Experiencing a security breach is a bit like being on the titanic and feeling the tremble from hitting an iceberg. The impact sparks immediate panic - you know something very bad has just happened but are unsure whether the...more

The Top Eight Things You Should Be Doing to Protect Your Business from Cyber Threats

by Burr & Forman on

Cyber threats take many forms. The wide-spread WannaCry ransomware attack in May of 2017 highlighted how computer files could be held hostage in return for payment, while the Dyn denial of service in October of 2016...more

Court Holds Crime Policy Covers Business Compromise Email Loss

The “business compromise email” is what the FBI calls the “$5 billion scam,” but apparently an insurance company did not agree with an insured company that they had been the victim of a crime....more

Hurricane Cyber? Insurers Confront Unpredictable Data Breach Costs

by Fox Rothschild LLP on

Venerable insurer Lloyd’s of London says a global cyber attack on a major provider of cloud services could carry costs of up to $53 billion, reports Data Breach Today. That’s a hefty price tag that explains the rising...more

Ransomware is taking the world by storm; does insurance respond?

On June 27, 2017, the world had its second major ransomware attack in two months, and experts are predicting more to come. The first, named WannaCry, began May 12, and quickly spread to over 400,000 machines, the vast...more

The Remedy for the New Cyber Threat Posing Major Coverage Problems: “Fake President” E-mails

by Nossaman LLP on

In the last few weeks, we have seen yet another widespread ransomware attack that hit nearly one hundred companies around the world. It reminded me of a recent request from a client, made just after news broke of the...more

The Art of (Cyber) War

by Blank Rome LLP on

Today’s political climate is rife with reminders about the importance of data privacy and cybersecurity. According to the World Economic Forum’s 2017 Global Risks Report, the greatest technological risks facing the world...more

Ransomware: Assessing & Crafting Coverage

by GB&A Insurance on

When it comes to cyber risk insurance, coverage for ransomware related claims is an important component. And with ransom attacks on the rise, it’s more important than ever. But organizations need to be careful not to develop...more

Cybersecurity Steps Every Lawyer Should Consider

All lawyers face technology threats, ranging from the inconvenient to practice-threatening disasters. From unauthorized access, lawyers risk having confidential information stolen, destroyed or made inaccessible. Hackers...more

Cyber Insurance: Prevalent But By No Means Ubiquitous

A recent survey from the credit score company FICO has some interesting numbers on the prevalence of cyber insurance in the US. ..50% of US companies have no cyber insurance. ..74% of US healthcare companies have no cyber...more

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

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Cybersecurity

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