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…
Third-party intervention may now prove unnecessary when interpreting and enforcing contract provisions—at least this is what proponents of smart contracts believe. The overall goal, they argue, is to provide security unattainable through traditional contract law, and to reduce additional transaction costs that come with the traditional process. Will insurance policies…
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…
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…
The era of the self-driving car has arrived, with the shiny promise of fewer auto collisions—and the inevitable potholes of a transformative technology. Despite the significant concerns raised by a recent accident involving a driver’s reliance on a partially autonomous automatic braking and steering system on the Tesla Model S—one…
This post is a continuation of my top ten recommendations for negotiating your cyber insurance policy. The first five tips are in Part 1. Consider the Allocation of Defense Costs Where both covered and non-covered claims are asserted in the same lawsuit against the insured, an issue often arises regarding…
As more and more companies ranging across a wide spectrum of industries have been exposed to network and data security breaches, the market for insurance products to cover cyber risks has grown just as fast. With policies sold under names like “cyberinsurance,” “privacy breach insurance,” “media liability insurance” and “network…