SDV Insights

Cyber Risk Insights

Do I Need an Attorney to Handle My Cyber Risk Exposure?

Technology is the driving force behind industry and growth for all businesses, but its advantages come with risks. Downed computer systems and lost data can have significant financial impacts. Security breaches, viruses, and information theft by computer hackers also pose a serious problem. Thousands of cyberattacks occur in the US every day, and no business is immune from this threat.

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Will Your Cyber Insurance Program Respond if Western Sanctions on Russia Lead to Cyber-Attacks in the West?

On February 24, 2022, Russia invaded Ukraine, escalating the conflict between the two countries to unprecedented levels. Much of the West quickly responded to Russia's aggression by levying some of the most severe sanctions in history on Russia's government, companies, and wealthy citizens, including Vladimir Putin.

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Mitigating Franchisor Exposures for Systemwide GDPR Compliance through Cyber Insurance

The European Union's ("EU") General Data Protection Regulation ("GDPR") has been in effect for just over a year, and the full extent of the data privacy law's global impact is just now being fully realized.

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The Sixth Circuit Weighs in on "Direct Loss" Issue for Cyber Fraud Coverage

Earlier this month, SDV reported on a recent Second Circuit case where the court broadly interpreted the "direct loss" requirement to find coverage for a cyber fraud, email spoofing scam. Now, the Sixth Circuit Court of Appeals has issued a similar opinion in American Tooling Center, Inc. v. Travelers Casualty & Surety Company, finding coverage for a company that lost $834,000 to a similar scam. These recent decisions may indicate a trend in favor of policyholders on the "direct loss" issue.

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Second Circuit Finds Coverage in Cyber Fraud Case

On Friday, July 6, 2018, the United States Court of Appeals for the Second Circuit held that a fraudulent email that caused a company to transfer $4.8 Million to the fraudster was a "direct loss" and was, therefore, covered by the company's computer fraud insurance.

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Medidata Win Fortifies Policyholders In Digital Fraud Fights

In a pro-policyholder decision, LAW360.com reported that a New York federal judge recently ruled that a thief's use of emails to trick employees of Medidata into wiring money overseas was a covered incident under the company's computer fraud policy, weakening insurers' arguments that such coverage is meant to apply only to hacking into policyholders' computers.

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Deleted Emails Cost Company $3M in Sanctions

What happens when a senior vice president ignores a litigation hold and deletes tens of thousands of emails? A $3 million sanction.

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Special Discount for ABA Webinar on Cyber Risk

On November 15, 2016, 1:00 - 2:30 PM ET, SDV Southeast Managing Partner Gregory Podolak will be participating in the American Bar Association webinar, "Assessing the Situation: How to Identify and Evaluate a Contractor's Cyber and Data Risks."

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Cyber Insurance Tax Break

In an effort to encourage businesses to mitigate the risk of a data breach, House Republican Ed Perlmutter has introduced a bill offering a tax credit to businesses that purchase qualifying cyber insurance policies

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One-Stop Shop Cyberinsurance Opens Doors For Small Companies

If you are a small company worried about keeping your client data safe, there are now a number of options to help. SDV's Gregory Podolak was recently interviewed by LAW360.com on his thoughts.

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