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Lowenstein’s New Insurance Recovery Podcast Series, “Don’t Take No for an Answer”
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Cyber Insurance 101: What It Is And Why You Need It
Cyber risk is now a normal part of our personal and professional lives. When companies suffer a cyber incident, they often look to their insurance policy for coverage to help mitigate the financial exposure. Additional...more
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
Commercial insurance pricing trends in the first quarter of 2024 followed many of the same patterns as last year. Insurance buyers can still expect competitive premiums in D&O and Cyber despite several insurers publicly...more
In a win for Wiley’s client, the United States District Court for the Eastern District of Arkansas, applying Arkansas law, has held that a cyber policy’s business interruption coverage should not result in a windfall for an...more
As businesses have increasingly recognized the importance of obtaining insurance coverage specific to cyber incidents, so too have insurers increasingly recognized the risks inherent in providing such coverage - particularly...more
On this episode of Don't Take No for An Answer, host, Lynda A. Bennett, Partner and Chair of Lowenstein’s Insurance Recovery Group, is joined by David Anderson, Vice President, Cyber Liability at Woodruff Sawyer, and Heather...more
Insurance coverage for cyberattacks can be tricky for anyone to navigate, including lawyers. To illustrate this point, a case in New Jersey caught my eye that I thought would be an interesting read for our followers who are...more
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
According to Aon’s 2022 Executive Risk Survey, which aggregates and examines responses to its annual international survey of C-suite leaders and senior executives in the U.S., the EU and the UK including 800 respondents at...more
Lloyds Market Bulletin Y5381 - Back in March 2022, we detailed the significant risks to both insureds and insurers posed by unclear cyber insurance policy wordings, with a particular focus on war exclusion clauses in the...more
The war exclusion has received a lot of attention over the past year, particularly since Russia invaded Ukraine in February. Policyholders’ concern that insurers will assert the exclusion as a basis to deny coverage is...more
The Eleventh Circuit Court of Appeals is considering an appeal from the United States District Court for the Middle District of Florida , in which the District Court ruled that a cyber insurance policy did not cover diversion...more
Cyberinsurance spurs many complaints from US business. The cost is skyrocketing, retentions (deductibles) are rising quickly, and the insurance companies push their own panel lawyers on customers despite other relationships....more
Companies should be aware that, as a result of increasing geopolitical instability, there is a heightened risk of cyber-attacks. Particularly in light of the Merck case, they should therefore consider closely examining the...more
Your CFO or accounts payable clerk receives a legitimate-looking email supposedly from the company’s president authorizing a wire transfer to a vendor or business partner. In reliance on that email, the company’s bank is...more
In a decision with significant implications for policyholders seeking coverage for social engineering scams and cybercrime losses, the US Court of Appeals for the Ninth Circuit held in Ernst and Haas Management Company, Inc....more
On January 13, 2022, the Superior Court of New Jersey, Law Division, held in Merck & Co., Inc., et al. v. ACE Amer. Ins. Co., et al., No. UNN-L-2682-18, that the Hostile/Warlike Action Exclusion in various property policies...more
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
Insurers that offer coverage for cyberattacks find themselves playing both offense and defense lately. As they await possible action by Congress to enact federal cybersecurity legislation, the insurance industry has gone on...more
Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more
Cyber insurance is designed to fill an enterprise's coverage gaps, where coverage under other forms of insurance may not be triggered by these kind of losses. At the same time, and because cyber insurance is a relatively new...more
New and comprehensive privacy and cyber regulations continue to proliferate across the globe. These are not your father’s data breach notification laws. The scope of information included within these mandates has expanded...more
A Maryland Federal Court Examines A Coverage Dispute Regarding Whether An Insured Had Experienced A Covered Loss To Its Computer System Following A Ransomware Attack. ...more
Coronaviruses represent a large family of viruses that can cause respiratory illnesses. The 2003 Severe Acute Respiratory Syndrome (SARS) epidemic in China represented the first severe virus that resulted from a coronavirus,...more
A Maryland federal court recently weighed in on the still-murky world of insurance coverage for cybersecurity losses, finding replacement costs necessitated by a ransomware attack were “direct physical loss or damage” to a...more