News & Analysis as of

Risk Management Cyber Insurance

Do Recent Events Make You “Wanna Cry”? - Massive ransomware attacks are just another reason to have robust cyber insurance in...

On May 12, a massive ransomware cyber-attack infected over 100,000 computers in more than 150 countries. This malware, a Trojan virus known as “WannaCry,” “WanaCryptor,” or “Wcry,” encrypts files, and then threatens to...more

DocuSign Breach a Strong Reminder for the Mortgage Industry to Manage Third-Party Service Provider Risks

by Ballard Spahr LLP on

On May 16, DocuSign confirmed that a data breach resulted in widespread malware phishing attacks targeting its customers. DocuSign provides electronic signature solutions for many companies in the mortgage banking industry...more

The WannaCry Affair - Three Cyberinsurance Related Tips for Clients

by Poyner Spruill LLP on

As we have previously noted, a recent ransomware attack crippled over 75,000 computers in over 100 countries. The “WannaCry” appears to be the largest Ransomware attack to date. However, cyber-experts are already warning of a...more

"The Emerging Need for Cybersecurity Diligence in M&A"

Cybercrime has emerged as one of the foremost threats a company faces. As a result of a few keystrokes, a company may find its customers’ data sold on the dark web, its intellectual property in the hands of a competitor or...more

"Cybersecurity Trends for Boards of Directors"

Cybersecurity has in recent years become an integral component of a board’s role in risk oversight, but directors often find themselves in unfamiliar territory when it comes to formulating policies and oversight processes...more

New York Regulations Heighten Need for Due Diligence and Cyber Insurance Coverage

by Robins Kaplan LLP on

Cybersecurity rules from the New York Department of Financial Services (DFS) went into effect on March 1 and now banks and insurers are faced with an increasing level of potential legal exposure for data breaches. This...more

Cybersecurity: 2017 Report & 2016 Reflections - What Businesses and Boards Need to Know

by Bennett Jones LLP on

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

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

by Orrick - Trust Anchor on

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

New York Department of Financial Services Revises Proposed Cybersecurity Rule

by Holland & Knight LLP on

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

Latest Cyber Attack a Wake-up Call: What are your company’s IoT exposures?

by Farella Braun + Martel LLP on

The Internet of Things gives rise to many risks and exposures that companies and their insurers were not thinking about as recently as a couple years ago, and probably aren’t fully cognizant of today....more

Best Practices for Protecting Your Company With a Successful Insurance Renewal

Many in-house attorneys and risk managers follow the same ritual each year when renewing their company’s insurance policies: they look at a few insurance proposals, compare premiums, and then put their renewal policies in a...more

Avoiding common law firm cybersecurity pitfalls

by Dentons on

Cybersecurity often causes trepidation among attorneys simply because attorneys lack understanding of the nature of online risks and how to protect themselves. As evidenced in Part One of this series, law firms appear to be...more

Customer Data and Privacy Laws

by Ward and Smith, P.A. on

Customer data can be a treasure trove for an organization.  Many businesses believe customer and prospect data to be their most valuable asset.  Unfortunately, some have discovered that, unless handled with care, it can also...more

Practical Cybersecurity Guidance from TheCityUK and Marsh

by Reed Smith on

TheCityUK and Marsh have jointly published a report urging UK financial and related professional services sectors to step up their efforts to address cyber risk. The report (headed “Cyber and the City”) suggests that...more

Defining the Contours of Cyber Coverage for Data Breach: a Warning in Arizona

by Carlton Fields on

A year ago in this space, we looked at the receding wave of coverage litigation regarding whether various cyber-related exposures were covered under traditional policies, such as CGL and professional liability policies. ...more

Think you’re covered? Think again

Commercial General Liability policies (CGL) typically do not include data protection loss coverage, although some insurers offer additional data protection endorsements. Normally those additional endorsements only cover data...more

Cybersecurity, Part 2: Firms should avoid these common mistakes

by Dentons on

The idea of cybersecurity may be foreign—or even frightening—to many attorneys. However, as evidenced in Part One of this series ("Cybersecurity: You Can't Afford to Ignore It Anymore," April 25) law firms appear to be the...more

Fourth Circuit Finds Coverage for Cyber Incident under Commercial General Liability Policy

On April 11, the United States Court of Appeals for the Fourth Circuit rendered one of the first appellate-level decisions dealing with insurance coverage for a cyber event. The Fourth Circuit confirmed that a commercial...more

Fourth Circuit Finds That Traditional CGL Policies May Continue to Provide Coverage for Cyberliability Claims

by Reed Smith on

A federal U.S. Court of Appeals has confirmed that comprehensive general liability (CGL) and other traditional policies may yet be a source of liability insurance coverage for cyberliabilities. Although a dedicated...more

Hanging Around: Fourth Circuit Confirms the Coverage for Data Breach Can Still Be Found in Traditional Liability Policies

With today’s increased focus on data breaches and related cyber liability exposure, the insurance market continues to develop policies tailored to this unique risk. Insurers are also excluding cyber risks in many traditional...more

Fourth Circuit Expands Cyber Coverage under Commercial General Liability Policies

by Wilson Elser on

The United States Court of Appeals for the Fourth Circuit recently affirmed a decision by the United States District Court for the Eastern District of Virginia, Alexandria Division (District Court), finding that Travelers...more

Court Upholds Coverage Under General Liability Policy for Claim Alleging Failure to Protect Data

by Reed Smith on

In an encouraging development for insureds, the United States Court of Appeals for the Fourth Circuit held that a health care company’s general liability insurer was required to defend the company against claims stemming from...more

House Homeland Security Committee Holds Cyber Insurance Hearing

by King & Spalding on

On March 22, 2016, the Cybersecurity, Infrastructure Protection, and Security Technologies Subcommittee of the House Homeland Security Committee held a hearing entitled “The Role of Cyber Insurance in Risk Management.”...more

Is Cyberinsurance the Chicken or the Egg?

by Orrick - Trust Anchor on

The insurance industry has been making the case to Congress that cyberinsurance can be a path to good security practices, encouraging different groups inside an organization to better communicate with one another. The process...more

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Cybersecurity

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