Cyber Insurance
Introduced in the late 1990s, cyber insurance was quickly seen as a product with virtually unlimited sales potential, leading to a feeding frenzy of marketing and sales. The product was so profitable and successful that Lloyd’s of London once proclaimed that, “cyber insurance sales would save the organization.” A “ransomware epidemic” changed all of that. In 2020, profit margins for cyber insurance plummeted, and cyber insurance claim denials quickly followed.
Our views on cyber insurance claims have been widely publicized and presented. PLI Cyber Insurance Presentation; Stafford CLE Presentation on Cyber Insurance Business Interruption Losses; What Cyber Insurance Case Law Teaches us About Coverage; Cyber Insurance Claims and Coverage; Phishing Cons; Strategies for Addressing Cloud Computing Insurance Risks; The Wild Wild West of Cyber Insurance.
Latest Results
Settled ransomware claims for international private investment firm under a series of separate portfolio company cyber insurance policies.
Obtained coverage for First Party losses, government investigations and ransom payment under cyber insurance policies for company acquired by merger during pendency of cyber-attacks.
Obtained coverage through mediation where company operations were impacted by a ransomware cyber-attack on one of its business suppliers.
Aggressively pursuing coverage for a multinational software company to recover losses under its cyber policy for damages incurred as the result of a cyber-attack that caused the disclosure of confidential customer data.
