Cyber Theft – Who Pays?

A victim of a Cyber Theft lost $ 327,000 and is proceeding with a lawsuit against their bank. See Krebs on Security (here) for information on the breach, the mechanics the thieves used and the legal arguments that might be used in the suit. Also see here and here for additional information. It will be interesting to see the outcome, but in prior actions victims have not been successful when the cyber thieves gained access to the bank accounts using the victims stolen login credentials. This situation may be complicated by the bank’s actions. Insurance can be an effective protection against Cyber theft, including both traditional crime policies (with the proper coverage extensions) and some Cyber Risk insurance policies. (See prior…

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Cyber Risk Insurance – A Necessary Coverage

Cyber Risk Insurance (also called Data Breach, Privacy, Network Security insurance) is a necessary insurance coverage for all organizations and most organizations are starting to buy the coverage. As an insurance agent or broker, you should be up to speed and ensuring your customers have (the right) coverage. The confluence of hacker attacks, employee errors, increasing regulation and internet security lapses has created a heightened level of exposure for all organizations, including smaller organizations. We noted an increasing need last year in our post Cyber Risk is Booming (see here, also Who Needs Cyber Coverage). The media is primarily focused on breaches at large organizations, but numerous breaches at smaller organizations go unreported. And many more companies are buying, as…

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