It’s been a wild year for cybercrimes, with allegations of phone hacking at Rupert Murdoch’s media empire, and the arrest of 14 people for alleged attacks on PayPal’s website in retaliation for its decision to suspend WikiLeaks’ accounts. The U.S. Senate, International Monetary Fund, Lockheed Martin, Citigroup, Google, and Sony were among organizations that disclosed hacker attacks, reported Reuters.
It all may be falling far too close to home for BigLaw firms and corporate counsel, who are beginning to shop for — or at least ask a lot of questions about — cyber-insurance. Queries include exactly what the policies cover and cost, how insurers quantify losses, and whether the policies are necessary.
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