Have $57 million (or more) to spare? You’re going to need it if you run afoul of the EU’s General Data Protection Regulation (GDPR) without cyber insurance. In late January 2019, the French data protection authority, CNIL, imposed a fine of €50 million—or roughly $57 million—on Google for violations of…
Even when you’ve done your utmost to secure your organization’s cybersecurity—you’ve followed the advice of all the experts, you’ve checked all the boxes—you still may have an Achilles’ heel. Your cybersecurity is only as strong as its weakest point, which is often a vendor or supplier. In this context, a…
On insurance coverage issues, sometimes the boat seems to be listing in the wrong direction. For example, insurers have long tilted the decks to avoid coverage for “spoofing” attacks and similar kinds of email fraud by throwing their weight behind arguments that such transactions do not involve a “direct loss”…
Remember the “good” ol’ days when the run-of-the-mill theft involved someone physically taking something tangible? That is so 20th century. Now, thieves and fraudsters are able to use computers and the internet to carry out much more complex schemes. The insurance industry has attempted to keep up with the technological…
Artificial Intelligence (AI) is a hot topic in industries from manufacturing to the medical profession. Developments in the last ten years have delivered AI technology, once a fiction reserved for the movies, to private corporations and even to everyday homes. Examples include: 2004 Defense Advanced Research Projects Agency (DARPA) sponsors…
The stopwatch is running. Companies are scrambling to figure out how the EU’s General Data Protection Regulation (GDPR)—due to go into effect on May 25, 2018—will affect how they do business. Uncertainty and speculation abound; no one knows exactly how the law will be enforced, particularly with respect to companies…
One thing is for certain: cyberattacks have become the norm, not the exception. Not even the NSA is capable of completely warding off security breaches. Major banking and retail institutions, as well as the government, are not surprisingly the most likely targets because of the amount of sensitive and private…
It’s that time of the year when Americans gather together, enjoy a feast, and fall asleep in front of the TV. But before the tryptophan kicks in, we also like to give thanks for the good things that have happened in the past year. Corporate policyholders can share in the…
As summer comes to a close, road repair crews across the country are identifying the street repairs and potholes that must be filled before the cold weather approaches. Now is also a good time for policyholders to identify some of the “potholes” that may accompany their claims-made insurance policies and…
Every single industry or business in this day and age has either been the victim of a cyber attack or is concerned they will be next. A few examples from the last couple of months show how widespread the problem is. In June, a global ransomeware attack quickly spread across…