Thursday, July 28, 2016
   
Insurance Sidebar :: Amy Stewart PC’s Law Blog on Insurance Coverage Issues Minimize

(Risky) Businesses face millions in cyber losses – even with insurance

It’s clear that businesses are aware of the risks posed by cyber breaches, given the growth of the cybersecurity industry and the growing number and variety of insurance products available to help companies recover from cyber attacks. 

Still, there’s plenty of room for growth, according to a recent report titled "The Cybersecurity Risk to Knowledge Assets,” a joint effort of the law firm Kilpatrick Townsend, and Ponemon Institute LLC. The bulk of the 35-page report is devoted to the potential loss of “knowledge assets” (i.e. trade secrets and other confidential information) in a cyber breach, but it also includes some interesting notes for those of us who follow the cyber insurance world. 

According to the report, 60 percent of businesses surveyed either have cyber insurance (29 percent) or plan to get it within the next year (31 percent). 

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Avoid these 7 insurance pitfalls

Every business needs insurance – just in case the unthinkable (or the oh-so-thinkable) happens. Here are seven common mistakes policyholders make (but you can avoid):

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Need to Polish Your Insurance Law Knowledge?

Amy Elizabeth Stewart will be presenting Insurance 201: Liability Insurance Overview for Trial Lawyers at noon on Friday, July 8 at the Dallas Bar Association, 2101 Ross Ave., in Downtown Dallas.

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Make Sure to Read Fine Print with New Wire Transfer Fraud Insurance

With the growth of wire-transfer fraud schemes, it seems only fitting that banks would take steps to protect their customers from the frighteningly agile and adaptive hackers who prey on them.

According to Reuters, Los Angeles-based Grandpoint Bank appears to be the first bank to offer an insurance policy to its business customers to protect them from losses in wire transfer scams. The policy is underwritten by Hiscox Inc., and costs $30 to $70 per month for up to $1 million in coverage.

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Welcome to Summer Frederick!

We are pleased to announce the latest weapon in the Amy Stewart Law arsenal: Summer Frederick has joined us as an associate. 

A former agent with one of the country’s largest insurance carriers, Summer now uses her considerable legal skills to advocate on behalf of business policyholders. She is knowledgeable in all types of policies, including commercial general liability, cyber, commercial auto, commercial umbrella, professional liability, malpractice, specialty lines and personal lines policies.

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Marisa Jeffrey: One to Watch

Congratulations to Marisa Jeffrey, who was selected by the Dallas Association of Young Lawyers as the organization’s “One to Watch” for June.

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Tips for Buying Corporate Cyber Insurance

After cyber breaches have dominated the headlines for more than a year (e.g., Target, Sony), experts now say there are two types of businesses in today’s world –  those who know they have been hacked, and those who have not yet discovered the breach. As a result, more businesses are researching and obtaining cyber insurance to alleviate the risk of an attack on their computer systems. When shopping for cyber insurance, keep the following in mind:

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Amy E. Stewart, Tarron Gartner-Ilai to Present at Advanced Insurance Law Course

Amy Stewart Law principals Amy Elizabeth Stewart and Tarron Gartner-Ilai will be presenting at the State Bar of Texas 13th Annual Advanced Insurance Law Course June 9-10 at the Hilton San Antonio Hill Country Hotel & Spa. The course is co-sponsored by the State Bar’s Insurance Law Section.

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Free Webinar on Negotiating a Cyber Insurance Policy

As data breaches continue to make nearly daily headlines, more businesses are considering purchasing cyber insurance to help protect them in the event of a breach or other kind of cyber event. 

But buying insurance is never easy, and the fact that cyber insurance is still a new product with little standardization among carriers makes it even more difficult to purchase.

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Amy Elizabeth Stewart, Tarron Gartner-Ilai Named to D Magazine 2016 Best Lawyers List

We are pleased to announce that Amy Stewart Law Managing Principal Amy Elizabeth Stewart and Principal Tarron Gartner-Ilai were both named to D Magazine’s 2016 listing of the Best Lawyers in Dallas. The two lawyers were recognized for their work in insurance law.

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Data breaches covered by CGL?

Insurance policyholders may want to temper their reactions to yesterday’s decision by the United States Court of Appeals for the Fourth Circuit in Travelers Indemnity Co. of America v. Portal Healthcare Solutions LLC.

In its unpublished opinion, the Fourth Circuit affirmed a lower court ruling that Portal Healthcare’s data breach was covered under the company’s commercial general liability (CGL) policies. While the decision is significant, it’s worth highlighting an important fact: the policies at issue were issued in 2012 and 2013. More recent CGL policies may contain language purporting to exclude data breaches and other cyber events from traditional CGL coverage. An exclusion that surfaced in 2014, for example, precludes coverage for claims arising out of access to or disclosure of confidential or personal information.

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Panama Papers Leak a Reminder of the Need for Law Firm Cyber Insurance

People will be talking about the Panama Papers leak – called the biggest leak in the history of data journalism – for a long time. And there is certainly a lot there to talk about: offshore holdings, shell corporations, tax evasion and the financial accounts of an international roster of world leaders, businessmen, criminals, celebrities and sports stars, just for starters.

The Panama Papers, so named because the information that was hacked came from Panama law firm Mossack Fonseca, are a solid reminder that law firms are seen as a “soft target” in the hacking world. That’s because their cybersecurity protocols aren’t usually as robust as those in the financial services world, even though they maintain huge amounts of confidential information on behalf of their clients.

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6 Quick Tips for Law Firms in the Market for Cyber Insurance

With the news that Russian hackers have been targeting U.S. and U.K. law firms as part of an insider trading scheme, it’s a good time to recirculate our tips for law firms looking to purchase cyber insurance.

As the Crain’s Chicago Business story noted, law firms “have largely trailed their clients in confronting the possibility of hackers accessing their networks for illegal profit,” even though they hold “vast repositories of confidential information.”

If your firm does not already have a cyber policy, it’s wise to consider purchasing one. Traditional law firm policies often exclude cyber risks, so you most likely won’t be able to rely on your existing policies to protect you in the event of a data breach or other cyber event.

Amy Stewart Law works with businesses, including law firms, at every step of the insurance process (from purchase and renewal, to filing insurance coverage claims and dispute resolution). Here are some tips if your firm is embarking on the cyber insurance-purchasing process:

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Buying cyber insurance can strengthen data security (with a caveat)

Excellent story in today’s Insurance Law360 (subscription required) about yesterday’s cybersecurity hearing at the U.S. House of Representatives' Homeland Security Committee. The hearing was a Cyber Insurance 101 for committee members, with cybersecurity and cyber insurance experts from various companies helping to get members up to speed on the growing risk of data breaches.

One of the main lessons from the hearing was that the mere presence of cyber insurance policies has strengthened data security because they promote “discussions about data security measures across a company's departments.”


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Betwixt and Between :: Texas Supreme Court Poised to Reconcile Gandy and ATOFINA

On September 3, 2015, the Texas Supreme Court heard oral arguments in what might be one of the most important Stowers-related decisions of the decade.

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Please visit our web site at www.amystewartlaw.com.
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Amy Stewart Law is a boutique law firm that represents policyholders in insurance coverage litigation and bad faith, with an emphasis in directors & officers liability, cyber insurance, fiduciary liability, professional liability and other specialty liability coverages.


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  • insurance coverage litigation
  • bad faith litigation
  • policy interpretation & analysis
  • insurance review & planning advice
  • advice | insurance disputes
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