A major insurer is asserting that a war exclusion in a property insurance policy applies to a cyber attack. This has raised concern that cyber insurers could take the same position and eliminate coverage for some of the most difficult cyber events companies face. This post discusses the applicability of war exclusions in the cyber context.
Amazon Web Services suffered a huge outage affecting thousands of websites. The Internet trembled. Cyber insurers did too.
2016 has been the year of the ransomware attack. Hospitals have been particularly hard hit. While those attacks have been bad, worse ones may be on the horizon. Future ransomware may target medical devices.
Oracle MICROS point-of-sale systems have been compromised. Over 300,000 payment card point-of-sale terminals may be impacted. This post describes what happened and what companies should do in response.
When a cyber breach happens a company incurs a variety of costs to respond to the event. This post discusses those costs and how they are covered by cyber insurance policies.
In a payment card data breach some of the biggest liabilities may not be covered under a cyber policy. A thorough understanding of how those liabilities arise, and how cyber insurers have responded to them, is vital to ensure that the necessary coverage is built into a cyber policy.
The US District Court for Arizona recently determined that a Chubb cyber policy does not cover some of the largest losses companies incur as a result of credit card data breaches. This unfortunate case teaches lessons about cyber insurance that every company needs to learn.
Cyber insurance is a frequent topic on this blog. Not all readers understand cyber policies well though. The policies are unusual in the way they are structured and in the risks that they cover. This post is the first of a series designed to delve into the essentials of cyber insurance policies.
Claims that websites violate the Americans With Disabilities Act have exploded. Companies all over the US are receiving letters inviting them to settle with unidentified claimants in order to avoid litigation. What do these claims look like? How are companies fighting back? Can insurance help? Are there ways to avoid these claims? This post discusses all this and more.
Insurers and their insureds have been in a long-running tug of war over whether cyber losses are covered under general liability policies. A new decision by the US Court of Appeals for the 4th Circuit in the Travelers v. Portal Healthcare case seems to hand insureds a victory. That is certainly true for Portal Healthcare. The decision isn’t the good news that other companies would like it to be though.
The recent revelation that millions of documents were stolen from the Panamanian law firm of Mossack Fonseca has led to news stories about how the firm allegedly helped clients hide money and avoid taxation. Founding partner Ramon Fonseca has said that the theft was the result of a hack to the firm’s systems, and that the hack itself is the real story. He has a point.
Mobile banking has grown to more than 800 million users since smartphones entered widespread use. That growth has created an irresistible target for cyber criminals. They recently hit the bullseye. In March 2015 ESET reported that a malware Trojan on mobile devices...
As we all saw in 2015, hospitals and health insurers are prime targets for cyber attacks designed to obtain personal and health information of individuals. Those attacks are bad for all the obvious reasons. Worse attacks can happen though, and they can bring a hospital to its knees. Events in February 2016 are a good illustration.