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Tag: cyber attacks


Georgia Federal Court Rules Commercial Crime Policy Covers Fraudulent Wire TransferSep 14, 2016

With cyber fraud becoming more prevalent in today’s business world, policyholders should be aware of some of the points raised by commercial crime insurers to deny coverage. On August 30, 2016, a Georgia Federal Court held that a commercial crime insurer must cover a $1.717 million loss suffered by its insured because of a wire transfer caused by a fraudulent e-mail. The Court rejected the insurer’s argument that the loss…

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Twist Ending: Cyber Insurance Policy Doesn’t Cover Cyber Risk for Hospitality Industry PolicyholderJun 10, 2016

There may be a very good chance your cyber insurance policy doesn’t cover what you think it covers. The recent decision P.F. Chang’s China Bistro, Inc. v. Federal Insurance Company was a wake-up call for policyholders who think simply purchasing a dedicated cyber policy is good enough. Careful assessment of your organization’s unique risk profile, the team involved in procuring the policy, the terms of the policy itself, and the…

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Policyholders Get Digital Fraud Coverage Boost At 8th Circ.May 24, 2016

Greg Podolak was quoted once again in the latest issue of Law360. This recent posting discussed last week’s decision by the 8th Circuit Court that coverage must be provided for a bank that was hit by a hacker, even if the negligence of one of the bank employee’s was partially to blame. The opinion should make it difficult for insurers to fight the application of the concurrent-causation doctrine unless they have included…

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Media Update: Cyber Risk CoverageMay 11, 2016

SDV’s own Gregory Podolak is well known in the cyber risk world. He’s been quoted recently in two articles about the topic. In Business Insurance, he was quoted in the article Cyber Ruling Opens Door to CGL Claims about a recent decision that allowed policyholders to obtain coverage for data breach events under a CGL Policy. The article maintains that, while this was a win for that particular policyholder, the…

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New European Personal Data Protection Rules Are Coming Soon – Should You Be Concerned?Oct 22, 2015

In the Unites States, a week rarely goes by without a new cyber security breach. Slowly but surely, the European Union is catching up in raising awareness of cyber security and demanding that companies protect the personal data of EU individuals who fall under the definition of “data subjects.” The final version of the new General Data Protection Regulation is expected to be released by late 2015 or early 2016….

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Emerging Issues in Cyber InsuranceOct 06, 2015

Last Friday, SDV’s Stella Szantova Giordano was quoted in Law360’s article, “A Cyberattack Survival Guide For Policyholders.” The article provided useful insights for companies on accessing insurance coverage in case of a cyber breach, particularly in today’s climate where our clients often have to respond to the aftermath of a breach suffered by one of its vendors or business partners. Stella specifically commented on customer liability and issues related to…

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SDV’s Cyber Risk Thought Leader Talks with LAW360Jul 17, 2015

Greg Podolak (SDV’s head of Cyber Risk) was quoted this week in two new LAW360 articles: In “Four Insurance Takeaways From Lloyd’s Cyberattack Report”, Greg was quoted on his thoughts about the challenges policyholders can face with their cyber insurance policies… Still, because there isn’t as much of an established track record with cyber incidents as with other perils, it is “hard to look back and say how current modeling stacks…

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CT First Supreme Court to Address CGL Cyber Coverage DebateJun 30, 2015

Gregory Podolak recently published a brief article for the Insurance Coverage Litigation Section of the American Bar Association website. The Connecticut Supreme Court recently published its eagerly anticipated decision in Recall Total Info. Mgmt., Inc. v. Fed. Ins. Co. (Recall III), No. 19291, 2015 WL 2371957, at *1 (Conn. May 26, 2015), one of the first decisions of its kind addressing commercial general liability (CGL) coverage for certain types of cyber exposures….

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What Were the Top 10 Insurance Coverage Decisions in 2014?Apr 14, 2015

Did you get a chance to check out our selections for the 10 most important insurance coverage decisions in 2014? Data breaches, construction defects, releases of ammonia gas, and sinkholes all provided an extraordinary year in policyholder insurance law. Take a look, and let us know if there were any other cases you found interesting.  What Were the Top 10 Insurance Coverage Decisions in 2014?

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Another Health Insurer is HackedMar 18, 2015

As noted in this New York Times article, on March 17, national health insurer Premera Blue Cross announced that it was a victim of a cyber attack, which potentially exposed the private medical and financial data of 11 million customers. This is the second major hack of a health insurer this year, and as the article notes, health security experts suggest that other insurers may have also been compromised but…

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