A Fast-Moving Topic - Cyber Coverage in 2022

PLI Chronicle

PUBLISHED ON: May 22, 2022

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Cyber risks are the fastest evolving risks faced by policyholders. Seemingly every day, new risks emerge, new attack vectors are honed, and new scams are discovered by organizations of all sizes and across all industries. A number of insurance coverage developments have taken place over the past several months, and lessons learned from these developments can help policyholders address existing and new cyber perils. Awareness of these insurance coverage issues also can help avoid or at least resolve coverage disputes.

Cyber risks have been found to be covered by dedicated cyber policies and more traditional lines of coverage. The fact that losses involve a computer system breach should not automatically negate coverage under insurance policies. To the contrary, recent court decisions evince coverage under D&O, crime, property and general liability insurance policies. Numerous court rulings support policyholder positions that such insurance policies provide coverage for at least some components of the losses typically suffered from a cyber incident. The following discussion addresses some key developments about which policyholders at risk of a possible cyberattack should be mindful.

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Joshua Gold is a shareholder in Anderson Kills New York office, chair of Anderson Kill’s cyber insurance recovery group and co-chair of the firm’s marine cargo industry group.

Daniel J. Healy is a partner in Anderson Kill’s Washington, D.C. office, co-chair of the firm’s cyber insurance recovery group, co-chair of the firm white-collar and regulatory practice group and a former Trial Attorney for the U.S. Department of Justice.