Friday, July 21, 2017
   
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Category: Cyber Liability

Texas Lawyer Article: If Cyber Risk Isn’t on Your Radar, It Should Be

As data breaches continue to make headlines, growing numbers of businesses are seeking to manage their cybersecurity risks through insurance. The cyber insurance industry, however, is still in its infancy, with little standardization and even less case law to guide policyholders and their legal advisers. 

As Amy Elizabeth Stewart writes in her recent Texas Lawyer article, Cyber Insurance 2017: 3 Lessons Learned, the small but growing body of case law is nevertheless instructive. She analyzes decisions in three cases: Travelers Prop. Cas. Co. of Am. v. Fed. Recovery Services, Columbia Casualty Co. v. Cottage Health System, and P.F. Chang's China Bistro, Inc. v. Fed. Ins.

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Texas Lawbook: ‘WannaCry’ Attack Prompts Focus on Cyber Insurance

The recent WannaCry malware attack “provides a timely reminder that hackers are endlessly inventive and have a lot of time on their hands – time they spend devising new ways to profit by creating chaos and exploiting the world’s interconnectedness,” Amy Elizabeth Stewart wrote in a recently published article on Texas Lawbook.

Ms. Stewart’s article offered advice to businesses looking to purchase a cyberinsurance policy in a rapidly evolving marketplace.

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So many insurance policies! What kind does your business need?

Running a business is full of risks, which is why one of the first purchases savvy business owners make is insurance. Between the dizzying array of choices and the opaque policy language, however, deciding which policies to buy can be overwhelming.

Choosing coverage that will help protect your company when you need it most can pay off in a big way, so here’s a brief overview of the policies commonly available to businesses.

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(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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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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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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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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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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‘Hack-attack insurance becomes a must:’ Amy Stewart featured in Dallas Morning News

As cyber attacks make almost daily news, the attorneys at Amy Stewart Law are spending an increasing amount of their time making sure the firm’s clients have adequate coverage from this constantly evolving threat. The firm’s work with cyber insurance was featured in a column by the Dallas Morning News’ Cheryl Hall.

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All I Want for Christmas is a Drone!

I buy my son a remote-controlled helicopter every Christmas. It’s just one of many quirky traditions in my family. Because my son is now officially an adult (if 30 years old qualifies as adulthood), I thought he might enjoy an upgrade this year. So, I investigated drones. I was surprised to find a varied selection of drones equipped with different technological abilities like high-powered cameras, infrared sensors, facial recognition technology, license plate readers, and complex autonomous anti-collision systems. 

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NAIC Appoints Cyber Risk Task Force

The National Association of Insurance Commissioners (NAIC) on November 19 announced the formation of a task force to gather information on how cyber-related risks are currently insured.  he task force will also coordinate NAIC initiatives regarding the protection of public information maintained by the various state departments of insurance and information collected and maintained by insurers. According to the NAIC news release, “[t]he creation of the task force is a reflection of the NAIC's growing commitment to addressing cyber security in the insurance sector.”

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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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