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17 Mar 2015 Cybercrime: How Insurance Can Protect Your Company

Just when you thought that it could not get worse for companies in the context of cybersecurity and privacy issues … it does. Perhaps most significant, a court recently allowed banks to proceed against a retailer to pursue damages allegedly flowing from a cyberattack and data privacy incident involving payment card numbers. That same retailer disclosed hundreds of millions of dollars in losses as a result of the cyberattack and data privacy incident. Another retailer fell victim to a cyberattack and data privacy incident involving payment card numbers. Major entertainment businesses suffered cyberattacks, with one reportedly involving information about celebrities, corporate IP, and user names and passwords for social media accounts of the company. Distributed denial of service attacks (DDoS) are also on the rise….

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13 Mar 2015 Should Retailers Rely On CGL Coverage For Data Breaches?

In the past year, multiple cases have disputed whether commercial general liability insurance policies provide coverage for lawsuits related to data breaches and data privacy incidents. At least two matters are on appeal. The question of whether there is CGL coverage for those lawsuits is quite significant, particularly to retailers that have suffered data privacy incidents involving payment cards (i.e., credit and debit cards). CGL coverage can provide overlapping coverage with cyberinsurance policies, if not its own independent coverage, and defense costs under CGL policies frequently do not erode policy limits.   As a starting point, standard-form CGL policies provide coverage for all sums that an insured is liable to pay as damages because of bodily injury, property damage and personal and advertising injury. Bodily…

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09 Dec 2014 The Other Cyber Shoe Has Dropped – What Does that Mean for Your Insurance Program?

Just when you thought that it could not get worse for companies in the context of cybersecurity and privacy issues…it does. The end of 2014 has been brutal. Perhaps most significant, a court allowed banks to proceed against a retailer to pursue damages allegedly flowing from a cyberattack and data privacy incident involving payment card numbers. That same retailer disclosed hundreds of millions of dollars in losses as a result of the cyberattack a data privacy incident. Another retailer fell victim to a cyberattack and data privacy incident involving payment card numbers. Major entertainment businesses suffered cyberattacks, with one allegedly involving information about celebrities, corporate IP, and user names and passwords for social media accounts of the company. Distributed denial of service attacks (DDoS) are…

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08 May 2014 Increasing data breach costs should lead to a review of insurance policies and vendor contracts

The Ponemon Institute has released its 2014 Cost of Data Breach Study: Global Analysis.  The Ponemon 2014 study, (additional registration is required), offers fascinating insights into the changing world of data breaches, data security, data privacy and cybersecurity incidents.   The report is dated as of the year of publication (May 2014), with the majority of incidents that were evaluated having taken place in 2013.1  One fact in the report that likely will make the most headlines, is that “the average total cost of a data breach for the companies participating in this research increased 15 percent to $3.5 million.”2  The report explains further that “[t]he average cost paid for each lost or stolen record containing sensitive and confidential information increased . . . to $145 ….

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29 Apr 2014 Scott Godes to Speak at the NetDiligence Cyber Risk & Privacy Liability Forum June 11-13, 2014

  We are pleased to announce that Scott Godes will be speaking about insurance coverage for cyber risks at the upcoming NetDiligence® Cyber Risk & Privacy Liability Forum, hosted by HB Litigation Conferences, from June 11-13, 2014, at the Hyatt at the Bellevue, Philadelphia, PA.  This promises to be a great conference where you can learn about cyber risks, cyberinsurance, data breaches, data privacy, cyberattacks and more. Download the entire agenda.   Scott will be a speaker on a panel discussing the “Crime Coverage & Cyber Insurance,” presenting at 9 a.m., Friday morning, June 13. The panel will discuss: Coverage in common loss scenarios Discussion of recent claims Court decisions impacting coverage Standard Crime & Cyber policy forms   Register online here.   Scott GodesScott…

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