Cyber Insurance Coverage for Business Email Compromises and Ransomware Attacks: Current Trends and Developments
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will analyze for insurance counsel current trends and developments in policy language, coverage, claims, and litigation arising from business email compromises (such as social engineering, fraudulent instructions, network security), ransomware, and even ransomware negotiations. The panel will also discuss how insurance may apply to business email compromise losses and which party may be responsible.
Outline
- Evolution of business email and ransomware compromises
- Allocating responsibility for losses for fraudulent payment/wire transfers
- Evolution of cyber insurance
- Policy provisions
- Minimum security standards
- Defining loss or occurrence
- Limits, sublimits, co-insurance, and exclusions
- Policyholder strategies
- Insurer concerns
Benefits
The panel will review these and other key issues:
- What are the minimum security standards that policyholders must meet to obtain and keep coverage?
- Do CISA's or NIST's Cybersecurity Best Practices, or state regulations, such as the New York Department of Financial Services Cyber Insurance Framework, apply or offer guidance?
- Does negotiating with ransomware criminals affect coverage?
- How does excess coverage apply?
Faculty
Scott N. Godes
Partner
Barnes & Thornburg
Mr. Godes regularly represents clients facing insurance coverage issues arising out of ransomware, business email... | Read More
Mr. Godes regularly represents clients facing insurance coverage issues arising out of ransomware, business email compromise, cybersecurity, data breach, cyberattack, privacy and other technology-related claims. He focused on insurance coverage for cybersecurity and privacy risks in 2008, allowing him to join his long-standing interest in technology with a new area of insurance. Since that time, Mr. Godes has litigated some of the few court cases regarding the scope of coverage available under cyber insurance policies, as well as coverage under other insurance policies for losses due to cyberattacks, privacy events, and wire and computer frauds.
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Judith A. Selby
Partner
Kennedys
For more than 25 years, Ms. Selby has served as a trusted advisor to insurers across a wide variety of industries.... | Read More
For more than 25 years, Ms. Selby has served as a trusted advisor to insurers across a wide variety of industries. Focused primarily on insurance coverage matters, she represents clients in all phases of large scale, complex first and third party insurance issues. Ms. Selby has extensive experience handling insurance coverage trials in the U.S. and international arbitrations in London. She also helps clients navigate insurance due diligence in connection with mergers and acquisitions, as well as run off and adverse development cover transactions.
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Molly McGinnis Stine
Partner
Locke Lord
Ms. Stine is committed to risk management for the global insurance industry and in the fast-moving areas of privacy and... | Read More
Ms. Stine is committed to risk management for the global insurance industry and in the fast-moving areas of privacy and cybersecurity. She is part of the Firm's Insurance: Litigation and Counseling Practice Group. She also is a member of the Steering Committee of the Firm's Privacy & Cybersecurity Practice Group, its Incident Response Team, and its state privacy law initiatives.
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Roberta Anderson Sutton
Partner
Potomac Law Group
Ms. Sutton concentrates her practice in the areas of insurance recovery, risk management counseling, and emerging... | Read More
Ms. Sutton concentrates her practice in the areas of insurance recovery, risk management counseling, and emerging cybersecurity, privacy, and data protection-related issues, including security incident planning and breach response, and directors and officers liability-related issues. In addition to successfully pursuing her clients’ insurance recoveries in disputed insurance claims settings and assisting clients in recovering hundreds of millions in insurance assets, Ms. Sutton counsels clients proactively on complex insurance placement and risk management issues. She advises clients in assessing their potential cybersecurity, privacy, and management liability risks, among myriad other forms of corporate risk, and in securing appropriate insurance to cover those risks. Ms. Sutton provides clients with strategic advice on ways in which they can best maximize the value of their current and historic insurance assets. She also has extensive experience conducting insurance due diligence in connection with mergers and acquisitions and in drafting contractual risk transfer provisions, including insurance and indemnity clauses. A recognized national authority in cybersecurity, privacy, and data protection, insurance recovery, and D&O liability issues, Ms. Sutton frequently lectures on these subjects. She currently serves as Vice-Chair for the ABA’s Tort and Insurance Practice Section Cybersecurity and Data Privacy General Committee. She is delighted to have coauthored the cybersecurity guide for executives, Navigating the Digital Age: The Definitive Cybersecurity Guide For Directors and Officers.
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