Does Your Insurance Policy Cover Third-Party Liability for Ransomware Attacks?
The COVID-19 pandemic has caused a massive shift in the way organizations do business and the way their employees do their work, but, as is often the case, this shift has brought about an increase in cybersecurity risks, which should not be overlooked.
December 02, 2020 at 09:59 AM
6 minute read
The COVID-19 pandemic has caused a massive shift in the way organizations do business and the way their employees do their work, but, as is often the case, this shift has brought about an increase in cybersecurity risks, which should not be overlooked. Much of this increased risk comes from the rise of ransomware attacks. According to one of the largest cyber insurance providers in North America, approximately 41% of cyber insurance claims in the first half of 2020 are attributed to ransomware attacks. While one can be forgiven for thinking that cybersecurity is only a concern for large corporations, that is far from the case. The malicious actors behind ransomware attacks do not discriminate. It is a problem that affects organizations large and small in various industries including health care, government, construction, manufacturing, legal, and education, to name a few. Despite this increased risk, cybersecurity companies report that more than a quarter of small businesses have no plan to mitigate a ransomware attack.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllAs a New Year Dawns, the Value of Florida’s Revised Mediation Laws Comes Into Greater Focus
4 minute readData Breaches, Increased Regulatory Risk and Florida’s New Digital Bill of Rights
7 minute readNavigating Florida's Products Liability Law: Defective Products, Warnings and the Pursuit of Justice
6 minute readLaw Firms Mentioned
Trending Stories
- 1'Be Comfortable Being Uncomfortable': Pearls of Wisdom From 2024 GC Q&As
- 2The New Frontier in Legal Compliance: Privacy, Security, and Information Governance for Law Firms
- 3North Carolina Courts Switch to Digital, Face Extreme Weather in 2024
- 4It’s Happening Faster than Anyone Thought
- 5Mootness and Ethics: Meeting the Client’s Objectives
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250