News & Analysis as of

Data Breach Hackers Insurance Industry

Maynard Nexsen

Urgent Cybersecurity Briefing: Scattered Spider Attacks

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Several insurance companies have been targeted this month by cyberattacks, including AFLAC, Erie Insurance, and Philadelphia Insurance. The threat actor, Scattered Spider, is now focusing on the insurance industry. We want to...more

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

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

Kohrman Jackson & Krantz LLP

Ohio Supreme Court Rules Insurance Policy Does Not Cover Ransomware Attack on Software

Ransomware insurance coverage has become increasingly popular in recent years as the threat of ransomware attacks has continued to grow. However, despite the widespread adoption of this type of insurance, there are still...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights, Volume 2, Issue 16

The T-Mobile Data Breach is One You Can’t Ignore - "Hackers claim to have obtained the data of 100 million people—including sensitive personal information." Why this is important: Earlier this week, reports began...more

Pillsbury - Policyholder Pulse blog

Your CGL Policy May Provide Coverage for a Data Breach

As cybercrimes and data breaches continue to cause significant damage to companies of all types, policyholders are looking to their various insurance policies for coverage to help weather the storm and recoup losses. A recent...more

Lowenstein Sandler LLP

Cyber Insurance Coverage Market: A House of Cards or Temporary Plateau?

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We have all heard about the alarming and ever increasing number of security breaches and ransomware attacks facing businesses. With bad actors continuously evolving and presenting new risks, most companies now fortunately...more

Rivkin Radler LLP

Insurance Update - March 2021

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In our March Insurance Update, we discuss four state supreme court cases and four cybercrime cases. The state high courts address: •From whose perspective should a consent-to-settle provision be judged? •What standard...more

Lowenstein Sandler LLP

The Ransomware Attack Part 2 – How To Respond When The Enemy Overcomes The Gates

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This episode is a continuation of Lynda’s conversation with Bridget Choi, Deputy Counsel and Managing Director of Strategy at Kivu Consulting, and David Anderson, VP within Lockton Insurance’s Cyber Technology Group, about...more

Carlton Fields

Target Data Breach Not Covered Under CGL Policy: Court Rejects “But-For” Theory for Loss of Use Damages Where There Was No...

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Following a 2013 data breach in which the credit and debit card information of more than 110 million customers was stolen or exposed, Target Corp. sought coverage from its CGL insurers for $74 million that it incurred in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - July 2020

In this month's edition, we examine the Court of Justice of the European Union's decision invalidating the EU-U.S. Privacy Shield framework, as well as the U.S. government's response to the decision. We also examine two...more

Partridge Snow & Hahn LLP

Bringing Your Business Online: Cyber Insurance

The current COVID-19 pandemic has forced many businesses online in order to survive. In many cases, businesses had no plans to be online. Others were forced to move online more quickly than planned. In order to assist these...more

Pillsbury - Policyholder Pulse blog

Cyber Coverage by any Other Name Can Smell as Sweet. Maryland Court Rules Traditional Property Policy Covers Loss of Data and...

Cyberattacks are an increasingly frequent and costly risk faced by almost every business today. While the availability and scope of cyber-specific insurance has developed exponentially over the past few years, it is important...more

Robins Kaplan LLP

Financial Daily Dose 1.10.2020 | Top Story: Ransomware Attack on Travelex Sows Chaos Across Foreign Exchange Sector

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Hackers who targeted airport currency exchange mainstay Travelex in a ransomware attack on New Year’s Eve have alerted British media that they possess 5 GB of sensitive customer data from the company “since gaining access to...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

Robinson+Cole Data Privacy + Security Insider

Is Bad Cyber Insurance Coverage Actually Good for Consumers?

The cyber insurance market continues to evolve, and major questions remain unanswered. Should policies cover regulatory fines? Should first- and third-party claims be addressed in separate policies? The list goes on....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

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2019 #2

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Marriott International Inc. (Marriott) has released new numbers relating to its Starwood Hotel’s reservation database by stating that more than 5 million passport numbers were stolen in the database. ...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2018

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We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...more

Steptoe & Johnson PLLC

First Look - Summer 2018: Insurance Newsletter

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Your company’s computer system has been compromised by a hacker. From your initial investigation, you discover that the hacker has accessed proprietary company information and customer information including Social Security...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

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