Cyber insurance continues to be one of the hottest topics in the insurance industry. In the last several years it has evolved from a little-known specialty product to a standard purchase for some corporate risk departments. By now, most companies generally are aware that cyber attacks present substantial risks. Many…
On May 12, 2017, a massive ransomware cyber-attack infected over 100,000 computers in more than 150 countries. This malware, a Trojan virus known as “WannaCry,” encrypts files, and then threatens to destroy them, unless the victim pays a ransom. Colleagues Jamie Bobotek and Peri Mahaley opined about this recent attack and…
In our previous post, we started answering the question whether specialty cyber policies are likely to respond to two of the top five cyber threats for 2017 identified by Experian Data Breach Resolution in its industry forecast. In this one, we examine the remaining three. Continuing Health Care Sector Attacks…
Cyber sages tell us the question is not whether your business will suffer a data breach, but when. To prepare for the inevitable, businesses want to know what is the next threat on the horizon. In the past few months, experts have offered many views on the top cyber trends…
The vaults of the world’s financial capital are getting stronger locks. On March 1, 2017, new “first-in-the-nation” cybersecurity regulations of the New York Department of Financial Services (DFS) went into effect to protect consumers and the financial system from cyber attacks. While the regulations apply to covered finance and insurance…
Out of the blue one morning, a destination hotel’s operator receives an email informing it that the hotel’s computer and electronic key systems have been infiltrated, leaving the hotel locked out of its own computer system and, even more distressing, preventing hotel guests from utilizing their key cards to gain…
While our brains may feel like they are fused with the computers, smart phones, and other devices we use on a constant basis, a direct connection between these machines and our brains is still (mostly) a thing of the future. So, even as companies continue to strengthen and refine their…
Insurance is not only a risk transfer tool, but also a valuable asset. Certain coverages, however, are not purchased or pursued by multinational companies transacting business in the United States because there are nuanced differences between international and U.S. insurance programs and law. These companies, often with global offices, will…
Phishing is a criminal hacker’s favorite sport, and for good reason. It’s a tried and true way to land the big one, over and over again. Whether using a spoofed bank website and stolen email addresses to trick customers into divulging account information, sending email messages purporting to be from…
Just as the famous 1897 New York Sun editorial playfully reassured the skeptical eight-year-old Virginia, so too a recent Fourth Circuit decision should reassure policyholders in Virginia (and nationwide). Despite insurers’ skepticism, general liability insurance may in fact cover cyber events. On April 11, the U.S. Court of Appeals for…