WannaCry Ransomware and Legal Fault

Posted Leave a commentPosted in Cyber Insurance, Cyber Risks

The WannaCry Ransomware attack has spread throughout the world over the past week.  Fingers are pointing at Microsoft for the vulnerability in earlier versions of Windows, at the NSA for creating the leaked exploit, and at North Korea for allegedly perpetrating the attack.  There is blame to go around, but if we were to assess […]

Managing Cyber Risk: Insurance and Coverage Cases

Posted Leave a commentPosted in Cyber Insurance

The scope of the risk and uncertainty involved in data breaches and other cybersecurity incidents suggests that insurance should play a key role in any organization’s risk management strategy. The specialty cyber risk insurance market is rapidly developing, although not yet mature. Among other ambiguities, there is relatively little case law interpreting either traditional or […]

BitPay Cyber Insurance Litigation

Posted Leave a commentPosted in Cyber Insurance

An interesting cyber insurance coverage case was filed recently in the the Northern District of Atlanta involving bitcoin payment processor Bitpay.  Bitpay’s CFO was spear phished, leading to an improper transfer of bitcoins valued at  $1.8 Million.  Bitpay had been issued a Commercial Crime Policy by Hanover Insurance Group, which included coverage for “Computer Fraud,” […]