News & Analysis as of September 20, 2024

Cybersecurity › Business Interruption

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

CrowdStrike IT Outage: Wave of Business Interruption Claims Expected

K&L Gates LLP on 7/30/2024

Businesses, public services, and computer users across the world faced disruption as a result of the major CrowdStrike information technology (IT) outage, which is being coined by many as one of the largest and worst cyber...more

[White Paper] United States Insurance Trends and Decisions 2023

Hinshaw & Culbertson - Insights for Insurers on 12/22/2023

As 2024 rapidly approaches, we look back at some of the key decisions, trends, and developments impacting the U.S. insurance industry in 2023 and look ahead at some trends and cases to watch in 2024. Insurers continue to...more

Cyber Security & Business Interruption: Foundations for Prevention and Mitigation

J.S. Held on 2/2/2023

The modern security ecosystem is diverse and ever-changing, a place where cyber risk is top of mind for leaders at all levels, and threats to information / data security and privacy evolve at the speed of the technical...more

Email Scam Losses May Find Recourse Via Cyber Or Business Interruption Coverage

Ervin Cohen & Jessup LLP on 1/27/2023

Losses arising from email scams are usually covered, if at all, under a company’s crime policy. But a recent decision from The District Court in Minnesota suggests that recourse may also be found under an insured’s cyber or...more

Does Your Cyber Insurance Policy Cover a Ransomware Attack?

Bradley Arant Boult Cummings LLP on 1/17/2023

Some policyholders mistakenly assume that all cyber insurance policies provide coverage for much the same type of losses. But unlike many other types of commercial insurance, cyber has not become standardized in the years...more

Minnesota Federal Court rules Cyber Business Interruption clause covers funds lost in fraudulent wire transfer incident

Kennedys on 12/14/2022

As previously reported, on November 3, 2022, the federal district court for Minnesota, applying Minnesota substantive law, ruled that an insured was entitled to coverage under a Cyber Business Interruption clause for money...more

Emerging Middle Market Cyber-Attack Vectors: Are You at Risk?

Ankura on 11/11/2022

The concept of “security by obscurity” is officially outdated. In recent years, cyber-attacks have become increasingly sophisticated, destructive, and indiscriminate. In today’s landscape, cyber threats can come from internal...more

Cyber Claims: A Guide to Calculating Business Interruption

J.S. Held on 8/25/2022

While cyber was incorporated in some general liability policies (GL) of the 1980s, the first cyber standalone policy was written in 1997 through AIG. Though groundbreaking, as it was the first to address cybersecurity, it was...more

Rates Continue to Decelerate in Many Areas: Q1 2022 Commercial Market Update

Woodruff Sawyer on 5/17/2022

Market stabilization is the theme as we closed the first quarter of 2022. We monitored the first quarter earnings releases of commercial insurers carefully to detect trends. All the top commercial lines insurers reported rate...more

Mitigating Energy Sector Risks Through Cyberinsurance

Morgan Lewis on 3/16/2022

Energy companies in the power and oil and gas sectors are leading targets of cyberattacks, as threats to critical infrastructure systems continue to rise. A 2021 report by a third-party cyberrisk company found that a quarter...more

Does Your Cyber Insurance Policy Look More Like Health Insurance?

Jackson Lewis P.C. on 1/3/2022

Over the past several years, if your organization experienced a cyberattack, such as ransomware or a diversion of funds due to a business email compromise (BEC), and you had cyber insurance, you likely were very thankful....more

Ransomware Attacks Continue to Cause More Underwriter Scrutiny

Woodruff Sawyer on 12/6/2021

Continued widespread cyber attacks have leaders in just about every industry wary and watchful, and insurance underwriters are no exception. Given the increase in claims from recent ransomware attacks, cyber insurers are...more

Riding the Wave of Cyber Insurance Claim Payments: A Trend Cresting or Crashing?

Lowenstein Sandler LLP on 10/19/2021

Ransomware attacks are on the rise. Cyber criminals continue to exploit lax security measures, which have become more acute in the work-from-home environment, and hack into companies’ systems, encrypt their data, and then...more

Regulating the Internet of Things

Jackson Lewis P.C. on 6/22/2021

Thousands of devices connecting to the internet make up the Internet of Things (IoT). While helping to streamline operations and improve productivity, the advantages of IoT are not without risks. Recent federal and state laws...more

[Webinar] New Contracts: Pandemic Impact on Contract and Transaction Due Diligence - October 27th, 3:00 pm - 4:00 pm ET

Bowditch & Dewey on 10/6/2020

During times of economic turbulence and commercial uncertainty, your business team and corporate counsel are well advised to undertake a more deliberate and thorough due diligence process when entering into contract and...more

The Pandemic Lessons: The Future Of ESG And How It Will Define Business Success

Vinson & Elkins LLP on 9/25/2020

The rapidly increasing importance of a company’s environmental, social and governance (ESG) performance to its business value, has been a critical trend leading into 2020. This trend was accelerated by the COVID-19 pandemic,...more

Privacy & Cybersecurity Update - May 2020

Skadden, Arps, Slate, Meagher & Flom LLP on 6/1/2020

In this month's edition of our Privacy & Cybersecurity Update, we examine the Seventh Circuit's ruling finding standing for an Illinois Biometric Information Privacy Act claim, the European Data Protection Board's updated...more

Cyber Insurance Needs in the Pandemic Landscape

Proskauer Rose LLP on 5/28/2020

While most of society struggles to flatten the curve, treat the sick and restart the economy, regrettably, some bad actors have used the COVID-19 emergency as an opportunity to exploit vulnerabilities for personal gain. One...more

Insurance Coverage for Cybercrimes in the Wake of COVID-19

Burr & Forman on 4/10/2020

Attorneys are well aware of the ways in which corporate clients are increasingly conducting their business and affairs electronically. A business may routinely place orders with trusted vendors via e-mail, rely on the...more

COVID-19: Privacy and Cybersecurity Regulatory and Enforcement Guidance

Foley & Lardner LLP on 4/9/2020

As industry continues to adapt to the evolving realities of shelter-in-place orders, companies face challenges in supporting an unprecedented remote workforce while balancing compliance with a variety of regulatory agencies....more

Coronavirus (COVID-19) Legal Resources for Business

Downs Rachlin Martin PLLC on 3/31/2020

Keep your business in the know during the COVID-19 outbreak. With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this...more

Privacy And Cybersecurity Work From Home Considerations In The Context of Coronavirus

Locke Lord LLP on 3/31/2020

We want to enable our personnel to work from home during this health crisis. What do we need to worry about from a privacy and cybersecurity perspective? 1.Equipment. Personnel working remotely will need equipment, and you...more

CISA Makes Major Changes To Its Essential Infrastructure Workforce Guidance

Fox Rothschild LLP on 3/31/2020

Several states that have issued shelter-in-place orders or required nonessential businesses to close to slow the spread of COVID-19, reference or rely upon the Department of Homeland Security's Cybersecurity & Infrastructure...more

NYDFS Issues Order and Instructions to Regulated Entities in Response to COVID-19

Hinshaw & Culbertson - Consumer Crossroads on 3/21/2020

In response to challenges facing the financial services industry as a result of coronavirus (COVID-19), New York's Department of Financial Services (DFS) has issued a COVID-19 compliance order, along with a series of industry...more

Five Cybersecurity Practices to Minimize Risk During Coronavirus

Lowndes on 3/16/2020

As concerns about the coronavirus (COVID-19) continue to grow, many companies are planning to have more employees work from home. While these measures are aimed at keeping employees healthy and safe, it’s also important to...more

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