Credit: MYDAYcontent/Adobe Stock Law Firms' Rising Cyber Insurance Costs Haven't Fully Hit Home
While avoiding cyber insurance is becoming harder, so is understanding exactly what those higher premiums are covering.
November 08, 2022 at 10:00 AM
5 minute read
Cybersecurity
So much for peace of mind. Over the past year, obtaining and keeping cyber insurance has almost become an exercise in crisis management. With insurers leaving the market, applications becoming more demanding, policy coverage shrinking and premiums hitting record levels, a rising number of law firms are deciding to forgo insurance altogether.
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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.
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