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- Recent Cases Highlight Potential Pitfalls of New Cyber Insurance Products
Recent Cases Highlight Potential Pitfalls of New Cyber Insurance Products
June 14, 2016, Covington Alert
Two recent litigation developments involving cyber insurance serve as a useful reminder to policyholders: a cyber policy purchase can be full of traps for the unwary. This alert discusses the traps that resulted in one company losing coverage for a major portion of its losses from a payment card data breach, while another company faces a lawsuit by its cyber insurer seeking to void its policy. It also offers practical tips to avoid these traps.
Recent Cases on E-Mail "Spoofing" Coverage Highlight the Impact of Specific Crime Policy Wordings
August 16, 2017, Covington Alert
Two recent federal district court decisions involving computer “spoofing” scams highlight the uncertainty about whether such incidents may be covered under standard “computer fraud” provisions in widely used crime insurance forms. The conflicting results in these cases provide a stark reminder to policyholders that seemingly minor differences in policy wordings ...
June 16, 2016, Inside Privacy
Cyber insurers commonly require insureds to complete detailed applications, often including extensive technical disclosure and risk self-assessments. The complaint recently filed by the insurer in Columbia Casualty Co. v. Cottage Health System illustrates the pitfalls in these requirements. Cottage Health, an operator of a hospital network, suffered a data ...
June 16, 2016, Inside Privacy
Data breaches suffered by retailers and other businesses that handle payment cards can result in substantial assessments by card brands such as MasterCard and Visa. Retailers typically do not process payment card transactions directly with the banks that issue their customers’ cards. Instead, they contract with an intermediary—called an acquiring or servicing ...