News & Analysis as of

Hackers Data Breach Policy Terms

Woodruff Sawyer

The Voluntary Parting Exclusion: What You Need to Know

Woodruff Sawyer on

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

Woodruff Sawyer

Ransomware Attacks Continue to Cause More Underwriter Scrutiny

Woodruff Sawyer on

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

Bilzin Sumberg

Cyber Insurance Carriers, Increasingly Targeted by Hackers, Impose New Coverage Conditions

Bilzin Sumberg on

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

Carlton Fields

Ransomware Attack Replacement Costs Are Covered “Direct Physical Loss or Damage” Under Standard Business Owner’s Policy, According...

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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

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

Farella Braun + Martel LLP

Florida Court Finds No CGL Coverage For Data Breach Claim

A federal district court in Florida has ruled that a claim against a policyholder arising out of a hacker’s theft of confidential credit card information was not covered under a commercial general liability (CGL) policy. St....more

Polsinelli

Cyber Security Insurance: Nine Questions to Ask to Determine Your Exposure

Polsinelli on

There is an increased interest in cyber security insurance for businesses amid frequent news of computer hacking, network intrusions, data theft, and high-profile ransomware attacks. Originally published in Houston...more

Hogan Lovells

Cyber Insurance: Managing Your Cyber Liability and Avoiding Coverage Gaps

Hogan Lovells on

Mark Goodman is a partner in our San Francisco office. In this hoganlovells.com interview, he addresses the need for companies to manage their cyber risk and the role that insurance plays in an organization’s overall risk...more

Butler Snow LLP

Cyber Insurance Primer

Butler Snow LLP on

The number of reported U.S. data breaches tracked through June 30, 2017 hit a half-year record high of 791. This represents a significant jump of 29% over 2016 figures during the same time period. At this pace, it is...more

Nossaman LLP

The Remedy for the New Cyber Threat Posing Major Coverage Problems: “Fake President” E-mails

Nossaman LLP on

In the last few weeks, we have seen yet another widespread ransomware attack that hit nearly one hundred companies around the world. It reminded me of a recent request from a client, made just after news broke of the...more

Orrick, Herrington & Sutcliffe LLP

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

Carlton Fields

Cybersecurity Awareness Month: Visits From the Ghosts of Claims Past and Claims Future

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Cybersecurity awareness month is nigh upon us again, and thus perspective is in order. 2016 brought us the first collection and analysis of the nascent claims history of the burgeoning cyber-insurance market. On August 27,...more

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