News & Analysis as of

Ransomware Business Losses

Wiley Rein LLP

Insured Not Entitled to a Windfall Under Cyber Policy’s Business Interruption Insuring Agreement

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In a win for Wiley’s client, the United States District Court for the Eastern District of Arkansas, applying Arkansas law, has held that a cyber policy’s business interruption coverage should not result in a windfall for an...more

Robins Kaplan LLP

Crack the Code: Evaluating Cyber Claim Exposure

Robins Kaplan LLP on

Small businesses account for 99.9 percent “of all American businesses,” with more than 33.1 million small businesses employing a staggering 61.7 million Americans. There is nothing “small” about their import to the economy or...more

Esquire Deposition Solutions, LLC

Stemming Losses That Go Uncovered by Cyber Insurance

Twenty years ago the federal government designated October as Cybersecurity Awareness Month, part of an early effort to promote a wider appreciation of computer-related threats to business and government operations and to...more

Kohrman Jackson & Krantz LLP

Coverage Challenges in Ransomware Claims: Cyber Insurance Policies and Trends in Denials

A consistent pattern emerges in data breach and cyber-attack cases when companies turn to their insurers for coverage after such incidents. Whether they possess specialized cyber insurance or not, insurers often decline...more

Ervin Cohen & Jessup LLP

Companies That Pay Hackers May Be Able to Recoup Their Losses

Where companies are victimized by ransomware or email scams, their losses arise from payments made by an officer or employee of the company. In the case of ransomware, a company’s files are held hostage pending payment...more

Davis Wright Tremaine LLP

Passing the Fraud Loss Hot Potato

The shifts in customer behavior driven by the global COVID pandemic were a boon for digital payments – consumer adoption in the U.S. reached 82% in 2021, up from 78% in 2020 and 72% in 2016. However, the industry "sector"...more

Rivkin Radler LLP

Insurance Update - January 24, 2023

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It was a busy end to the year, as courts handed down several key insurance decisions before ringing in 2023. The Ohio Supreme Court considered the contours of “direct physical loss or damage” in two separate decisions –...more

J.S. Held

What Forensic Accountants Should Consider When Analyzing a Business Interruption Insurance Claim Following a Ransomware Attack

J.S. Held on

As businesses continue to rely on computers and digital storage of important data, cyberattacks are a growing potential threat to these organizations—especially now, as businesses have transitioned their workforces to work...more

Lowenstein Sandler LLP

Riding the Wave of Cyber Insurance Claim Payments: A Trend Cresting or Crashing?

Lowenstein Sandler LLP on

Ransomware attacks are on the rise. Cyber criminals continue to exploit lax security measures, which have become more acute in the work-from-home environment, and hack into companies’ systems, encrypt their data, and then...more

Zelle  LLP

COVID Rulings May Support Ransomware Insurance Denials

Zelle LLP on

Ransomware attacks were already on the rise prior to the COVID-19 pandemic, but the prevalence of such cyberattacks substantially increased during the pandemic due, in part, to additional security risks associated with the...more

Robins Kaplan LLP

Ransomware Attack Results In Covered Physical Loss Or Damage

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A Maryland Federal Court Examines A Coverage Dispute Regarding Whether An Insured Had Experienced A Covered Loss To Its Computer System Following A Ransomware Attack. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - February 2020

In this month's edition, we examine the California attorney general's proposed modified regulations under the CCPA, the Treasury Department's new CFIUS regulations, and the SEC Office of Compliance Inspections and...more

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