News & Analysis as of

Cyber Attacks Insurance Industry Data Protection

Woodruff Sawyer

The Voluntary Parting Exclusion: What You Need to Know

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The US Internet Crime Complaint Center (IC3) received more than 880,000 cybercrime complaints in 2023. Overall financial losses from cybercrime last year reached $12.5 billion, a record-setting year-over-year increase of...more

Kohrman Jackson & Krantz LLP

You’ve Been Hacked. Who You Gonna Call?

Your company was hacked. You feel panic, embarrassment, anger, fear and confusion. But you must act quickly, logically and decisively to stop the bleeding and protect your business, your customers and your employees. The good...more

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

Patterson Belknap Webb & Tyler LLP

Compounding Consequences for Australian Health Insurer Following Breach

Medibank, one of Australia’s largest private health insurers, detected a ransomware attack in October 2022.  The attackers, believed to be part of a criminal organization based in Russia, exfiltrated approximately 9.7 million...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

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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

Hinshaw & Culbertson - Insights for Insurers

Part Five: Reviewing Key U.S. Insurance Decisions, Trends, & Developments

Cyber Security And Privacy Insurance Claims - This is the fifth installment of our series of articles reviewing some of the key trends and developments currently impacting the U.S. insurance industry. To date, the vast...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

Robinson+Cole Data Privacy + Security Insider

Court Finds That Insurer’s Quote Implied Coverage for Computer Hacking Losses

In an interesting case from Indiana, a court recently ruled that language in the insurer’s “quotes” for coverage in a crime policy led the insured to believe that losses for computer hacking would be covered under the policy...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

McDermott Will & Emery

Courts’ Approach to Cyber Insurance Continues to Evolve

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As more companies purchase cyber insurance to protect against the risks of computer hacking and data breaches, the body of law interpreting these policies is evolving rapidly. Risk managers and counsel should monitor these...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

Blank Rome LLP

Recent Lawsuit Highlights Need for Careful Review of Cyberinsurance Policies

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The “WannaCry” and “NotPetya” computer viruses that infected computer systems around the world in 2017 sounded a wakeup call. They demonstrated the power of a cyber event to disrupt the core operations of numerous companies...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

Bradley Arant Boult Cummings LLP

Cyber Insurance: Court’s Recent Decisions May Change What Your Policy Covers

Cyber incidents can take many forms—phishing, insider theft, SQL injection, malware, denial of service, session hijacking, credential farming, or just old fashion “hacking.” Although many of these attack vectors employ...more

Pillsbury - Policyholder Pulse blog

Two New Federal Decisions Are Beacons for Policyholders Navigating Computer Fraud Claims for Spoofing Losses

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...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2018 #2

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Cybersecurity Task Force Launched in Arizona - Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT is comprised of 22 members representing officials from...more

Bradley Arant Boult Cummings LLP

Increased FTC Enforcement Highlights Need for Cyber-Regulatory Coverage

Regulatory components to cyber insurance policies are becoming increasingly valuable as data-breach enforcement continues to surge. The Federal Trade Commission (FTC or Commission), the nation’s primary privacy and data...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

Hogan Lovells

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber...

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In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can...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

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