Cybersecurity concerns grow as repeated data breaches increase potential liability for businesses and present fraud and other risks for consumers. In response to these data breaches and cyber-attacks, cybersecurity insurance is now the fastest growing segment in the insurance industry.
Over the last few weeks, Thomson West author, Daniel Garrie, has created a series on CyberSecurity Insurance that has run on the Thomson Reuters Legal Solutions Blog, which provides deep dives into today’s legal issues and emerging practice areas. Garrie is the author of numerous books focused on the nexus of law and technology. He is also the Managing Partner of Law & Forensics LLC.
The first article in Garrie’s series focused on the market, explaining the need for specific cybersecurity insurance and detailing the potential costs of a cybersecurity breach.
This [cybersecurity] issue has been the subject of litigation as insurers wrestle with the impact of this relatively new threat in the context of their standard policies.
The second article provides a sobering list of companies that have been the targets of successful cyber-attacks. This includes a reported cost to Sony of $171 Million and $148 million to Target.
The third post in the series explores the scope of insurance coverage for cybersecurity incidents under general liability policies. This issue has been the subject of litigation as insurers wrestle with the impact of this relatively new threat in the context of their standard policies.
Beginning next week, the Legal Solutions Blog will continue with the second half of Garrie’s series, starting with an examination current general state of the cybersecurity insurance market.