In my latest post for SecureWorld, explain 4 key takeaways for businesses from the Spec’s v. Hanover lawsuit regarding cyber insurance. Check it out and let me know what you think: 4 Key Cyber Insurance Takeaways for Companies from Spec’s v. Hanover Lawsuit
Target, in a recent document filed with the Securities and Exchange Commission, provided updated information on the financial impact of its 2013 data breach: It now estimates paying $264 million in breach-related costs, ranging from litigation claims to the expenses it experienced for fixing systems and sending out information at the time of the attack … Continue reading Target Data Breach: What Has It Cost? What Has Insurance Covered?
Losses stemming from social engineering scams like the business email compromise are not covered by "computer fraud" provisions of commercial crime insurance policies according to the Fifth Circuit Court of Appeals in Apache Corp. v. Great American Insurance Co.
Watch the video for the explanation or see below for the spolier. https://www.youtube.com/watch?v=nMXIw4d9xMk SPOLIER ALERT! In The Travelers Indemnity Company of America v. Portal Healthcare Solutions, L.L.C., No. 14-1994 (4th Cir. Apr. 11, 2016), the Fourth Circuit held that Travelers was required to cover Portal's data breach under its Commercial General Liability (CGL) Policy's Advertising … Continue reading What Does the Travelers Case Really Mean for Cyber Insurance?
Cybersecurity, data breach, cyber attacks, and cyber insurance. Unless you live under a rock, you have heard of it. You better hope your lawyer has too! Shawn Tuma argues that the minimum standard of care for lawyers practicing in 2015-16 requires a basic understanding of cyber insurance. He recently explained that argument, along with his co-author … Continue reading Why Lawyers Need to Understand Cyber Insurance for Their Clients