News & Analysis as of

Data Security Insurance Industry Cyber Attacks

Bond Schoeneck & King PLLC

The Impact of Merck’s NotPetya Policy Claims and a Reported Settlement

By definition, insurance policies represent an exercise in planning for (and hedging against) catastrophe. Cyber insurance for the healthcare industry is no exception. But any hedge is only as good as it’s reliable. Many...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

Woodruff Sawyer

Looking Ahead: Cyber Liability Insurance Concerns in 2023

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After two years of price increases, the cyber insurance market is normalizing as we head into 2023. Insurance carrier loss ratios are healthier now than they have been in the past few years— a result of price increases and a...more

Farella Braun + Martel LLP

Using Multi-Factor Authentication as a Prerequisite to Cyber Liability Coverage

Multi-factor authentication (MFA) is more than an annoying popup or text message when logging onto a company’s website or platform. Not only is using MFA a sound security practice and good business, it is frequently becoming...more

J.S. Held

How to Avoid the Most Common Causes of Cybersecurity Incidents

J.S. Held on

Cybercrime is at an all-time high, with just the cybercrime insurance industry alone expecting to grow from $8 billion globally in 2020 to $20 billion by 2025.1 Although cyber liability insurance policies now exist to help...more

Brooks Pierce

Rethinking Your Cyber Insurance Needs as Your Workplace Evolves

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The past 20 months have created a lot of transitions in how people work. Some companies still have the majority of their employees working remotely and intend to keep it that way permanently. Other businesses have tried to...more

Woodruff Sawyer

[Virtual Event] Cyber Insurance Trends – Looking Ahead to 2022 - January 25th, 10:00 am - 11:00 am PDT

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Cyber liability insurance is becoming more ubiquitous, more unpredictable, and in some cases more confusing than ever, which makes understanding your risk even more critical in 2022. Join Woodruff Sawyer experts Dan Burke,...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

Alston & Bird

Class Action & MDL Roundup – Winter 2021

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Welcome back to the Class Action & MDL Roundup! Our winter edition covers notable class actions from the fourth quarter of 2020. In this edition, we find a common theme among COVID-19 class actions, the Tampa 2 defends...more

Lowenstein Sandler LLP

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

Lowenstein Sandler LLP on

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

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

Roetzel & Andress

Cyber Insurance – Are You Covered?

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Over two-thirds of all businesses and organizations have had at least one cyberattack in the last two years, with half of those attacks targeted at small businesses. When these attacks hit, businesses may believe they have...more

Ballard Spahr LLP

Delaware and New Hampshire Join Growing List of States With New Insurance Data Security Laws

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Delaware (July 31, 2019) and New Hampshire (August 2, 2019) have become the latest states to add to the insurance cybersecurity landscape by enacting information security laws.  These laws come on the heels of Connecticut’s...more

Sheppard Mullin Richter & Hampton LLP

Happy First Day of Spring! Ohio Insurance Law Effective Today

Ohio recently followed South Carolina as the second state to adopt cybersecurity legislation modeled after the NAIC’s Insurance Data Security Model Law. The Ohio law, Senate Bill 273, applies to insurers authorized to do...more

Fisher Phillips

Cybersecurity Insurance: Does Our Business Need It?

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By now, we are all too familiar with the issues and pitfalls associated with cybersecurity breaches in a multitude of industries. Consider Equifax, Home Depot, Yahoo or Target, to name a few. Those well-publicized incidents...more

K&L Gates LLP

OnRisk: Insurance for Cyber Risk in M&A Transactions - A HUB Talks Podcast

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Cyber due diligence is quickly becoming the “new normal” for buyers in M&A transactions as they seek to protect themselves against cyber risk. Cyber due diligence, however, is only part of the solution. Many sophisticated...more

Steptoe & Johnson PLLC

First Look - Summer 2018: Insurance Newsletter

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Your company’s computer system has been compromised by a hacker. From your initial investigation, you discover that the hacker has accessed proprietary company information and customer information including Social Security...more

Akin Gump Strauss Hauer & Feld LLP

Cyber FICO Ratings Could Benefit Insurance Underwriting in Multiple Ways

Nearly 30 years ago the Fair Isaac Corporation (“FICO”) first introduced its metric for measuring creditworthiness. Since then, the FICO Score has become a default metric used by countless market participants to facilitate...more

Partridge Snow & Hahn LLP

Is Your Business Insured Against A Cyber Attack?

Your business has insurance coverage for flood and fire damage. You are protected if an employee gets into a car accident. But are you covered for a cyber attack?...more

Lowndes

6 Things to Know About Cyber Liability Insurance

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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

Miles & Stockbridge P.C.

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

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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

Carlton Fields

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

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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

Nossaman LLP

Data Breaches Response Costs Continue to Rise

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SEC Chair Mary Jo White recently opined that cyber security is the biggest risk facing the United States financial system. Companies should take heed of that warning in light of the release of the 2016 Cost of Data Breach...more

Bond Schoeneck & King PLLC

Cybersecurity and Data Privacy: Potential New Cybersecurity Regulations for Financial Institutions and Insurance Companies (11/15)

On the heels of recent high profile cyber-attacks against financial institutions and insurance companies, the New York State Department of Financial Services released a letter on November 9, 2015 that outlines proposed...more

Nossaman LLP

Purchasing Cyber Insurance? Important Considerations from the Recent Nossaman/ UCI Cyber Symposium

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On October 12, 2015, Nossaman and UC Irvine hosted a Cyber Symposium at the City Club in Los Angeles. The event included four panels of Nossaman lawyers, UCI professors, and private professionals who are experts in the areas...more

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