News & Analysis as of

Hackers Insurance Industry

BakerHostetler

Weekly Blockchain Blog with Client Alert - August 2024 #2

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Crypto Offerings Launch by Major Investment Bank, Asset Manager and Insurer - According to a recent report, a major multinational investment bank and financial services firm is now allowing its investment advisors to pitch...more

Bradley Arant Boult Cummings LLP

One Phrase, Multiple Interpretations – How Your Scope of Cyber Coverage Can Vary Depending on Your Jurisdiction

This is a deceptively simple question — risk managers rightfully expect to know the scope of their coverages when they build their insurance programs. Unfortunately, judicial interpretation of common policy terms can turn...more

Kohrman Jackson & Krantz LLP

You’ve Been Hacked. Who You Gonna Call?

Your company was hacked. You feel panic, embarrassment, anger, fear and confusion. But you must act quickly, logically and decisively to stop the bleeding and protect your business, your customers and your employees. The good...more

Woodruff Sawyer

Looking Ahead: Cyber Liability Insurance Concerns in 2024

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Followers of the cyber insurance market over the past two years may be suffering from whiplash—that’s how dramatically the market shifted from 2022 to 2023. A perfect storm of good trends and facts combined to create a soft...more

Latham & Watkins LLP

War Exclusion Developments in Cyber Insurance Policies

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Policyholders have options when it comes to war exclusions in cyber insurance policies, a focus area for insurers following recent cyberattacks. Key Points: ..Insurers have asserted that war exclusions may preclude...more

Kohrman Jackson & Krantz LLP

Ohio Supreme Court Rules Insurance Policy Does Not Cover Ransomware Attack on Software

Ransomware insurance coverage has become increasingly popular in recent years as the threat of ransomware attacks has continued to grow. However, despite the widespread adoption of this type of insurance, there are still...more

Buckingham, Doolittle & Burroughs, LLC

Busting Cyber Myths Part 2: I Can’t Afford Cyber Protection

In the second of a three-part series, Buckingham Data Privacy and Cybersecurity Attorney David Myers talks with Andy Jones, CEO, Fortress Security Risk Management, and Bryan Schauer, Vice President at The Schauer Group’s...more

Carlton Fields

Federal Court Rules “Unauthorized Network Access Exclusion” Precludes Coverage for $1.3M Payment From Hacker’s Fraudulent Email

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The U.S. District Court for the Eastern District of Pennsylvania ruled that an insurance policy issued by Federal Insurance Co. excluded coverage for the transmission of $1.3 million by the insured in response to an email...more

Pillsbury - Policyholder Pulse blog

Cyber Insurance Premiums and Demand Surge After Boom of Costly Cyberattacks

The frequency and severity of cyber incidents, particularly ransomware attacks targeting businesses and critical infrastructure organizations, have been on the increase and are unlikely to subside anytime soon. Higher claim...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights, Volume 2, Issue 16

The T-Mobile Data Breach is One You Can’t Ignore - "Hackers claim to have obtained the data of 100 million people—including sensitive personal information." Why this is important: Earlier this week, reports began...more

Pillsbury - Policyholder Pulse blog

Your CGL Policy May Provide Coverage for a Data Breach

As cybercrimes and data breaches continue to cause significant damage to companies of all types, policyholders are looking to their various insurance policies for coverage to help weather the storm and recoup losses. A recent...more

Pillsbury - Policyholder Pulse blog

Insuring a King’s Ransom: The Role of Cyber Insurance in Ransomware Risk Management

Nearly 700 years ago, England captured King John II of France and held him for ransom for four million écus. But France could not afford to pay, and King John II ultimately traded his two sons as substitute hostages to try...more

Lowenstein Sandler LLP

Cyber Insurance Coverage Market: A House of Cards or Temporary Plateau?

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We have all heard about the alarming and ever increasing number of security breaches and ransomware attacks facing businesses. With bad actors continuously evolving and presenting new risks, most companies now fortunately...more

Carlton Fields

Beware the Honest Hacker: Indiana Supreme Court Finds That Bitcoin Payment Is Not Necessarily Covered Loss Under Commercial Crime...

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In G&G Oil Company of Indiana Inc. v. Continental Western Insurance Co., the Indiana Supreme Court considered the emerging area of computer crime coverage. ...more

Rivkin Radler LLP

Insurance Update - March 2021

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In our March Insurance Update, we discuss four state supreme court cases and four cybercrime cases. The state high courts address: •From whose perspective should a consent-to-settle provision be judged? •What standard...more

Lowenstein Sandler LLP

The Ransomware Attack Part 2 – How To Respond When The Enemy Overcomes The Gates

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This episode is a continuation of Lynda’s conversation with Bridget Choi, Deputy Counsel and Managing Director of Strategy at Kivu Consulting, and David Anderson, VP within Lockton Insurance’s Cyber Technology Group, about...more

Carlton Fields

Target Data Breach Not Covered Under CGL Policy: Court Rejects “But-For” Theory for Loss of Use Damages Where There Was No...

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Following a 2013 data breach in which the credit and debit card information of more than 110 million customers was stolen or exposed, Target Corp. sought coverage from its CGL insurers for $74 million that it incurred in...more

Clark Hill PLC

Hackers Targeting Insurance Instant Quote Sites

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The New York Department of Financial Services issued a cybersecurity fraud alert (“Alert”) to all regulated entities, particularly those utilizing public-facing websites that display nonpublic information (“NPI”), even if...more

Rivkin Radler LLP

DFS Warning Of Widespread Data Breach

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Sometimes a comprehensive overview is needed to recognize that individual anomalous conduct is indicative of a criminal scheme. Recently, the Department of Financial Services (DFS) looked at an unusual pattern of interaction...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - July 2020

In this month's edition, we examine the Court of Justice of the European Union's decision invalidating the EU-U.S. Privacy Shield framework, as well as the U.S. government's response to the decision. We also examine two...more

Partridge Snow & Hahn LLP

Bringing Your Business Online: Cyber Insurance

The current COVID-19 pandemic has forced many businesses online in order to survive. In many cases, businesses had no plans to be online. Others were forced to move online more quickly than planned. In order to assist these...more

Pillsbury - Policyholder Pulse blog

Cyber Coverage by any Other Name Can Smell as Sweet. Maryland Court Rules Traditional Property Policy Covers Loss of Data and...

Cyberattacks are an increasingly frequent and costly risk faced by almost every business today. While the availability and scope of cyber-specific insurance has developed exponentially over the past few years, it is important...more

Farella Braun + Martel LLP

Another Federal Circuit Finds Phishing Loss Covered Under Crime Policy

Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these...more

Robins Kaplan LLP

Financial Daily Dose 1.10.2020 | Top Story: Ransomware Attack on Travelex Sows Chaos Across Foreign Exchange Sector

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Hackers who targeted airport currency exchange mainstay Travelex in a ransomware attack on New Year’s Eve have alerted British media that they possess 5 GB of sensitive customer data from the company “since gaining access to...more

Farella Braun + Martel LLP

Are Losses Resulting from Phishing Incidents Covered by Crime Policies Insuring Against Computer Fraud?

It is an all-too-common dilemma. As phishing schemes have become more prevalent and more sophisticated, businesses of all sizes have fallen victim to these attacks where a fraudster will use a spoofed email or other deceptive...more

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