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19 Dec 2017 Who Gets Coverage? Cyber Insurance and Credit Card Risks: Will Coverage Apply After the P.F. Chang’s Denial?

Authored by Scott Godes & Devin Stone   When a retailer or merchant purchases a broad cyber insurance policy to cover hacks or breaches of its point of sale systems, it could be forgiven for thinking that its insurance policy would cover the costs of fraudulent charges and card replacement costs – which can represent the majority of damages generally incurred in a payment card incident – demanded by the payment processor or the card brands. But one recent decision in the Federal District Court of Arizona has held that certain cyber insurance policies do not provide coverage for those damages. P.F. Chang’s China Bistro, Inc. v. Federal Ins. Co., 2016 WL 3055111 (D. Ariz. May 31, 2016), appeal dismissed pursuant to settlement, No. 16-16141, Dkt….

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20 Aug 2015 What Insurance Should Cover Target’s Visa Settlement?

Two years later, and the Target data breach continues to make headlines.   Does anyone need to be reminded that Target suffered a data breach in 2013? Seeing that the breach continues to be litigated and settlements continue to be announced with payment card brands, it is difficult to forget the incident.   Most recently, Target announced that it had reached a settlement with Visa.[1] According to reports, Target could “pay as much as $67 million to banks that issue Visa cards.”[2] Target’s earlier $19 million settlement with MasterCard[3] ended up being scuttled; Target and MasterCard reportedly are working on another resolution.[4]   What is Target settling?   Target’s settlement with Visa likely is to resolve the alleged damages resulting from Target’s payment card breach….

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