Tag Archives: retailers

David Gura interviewed and quoted me in his story, “Lucky for Target, the company had insurance.”

3d laptop with  combination wheelDavid Gura put together a news story for Marketplace discussing cyberinsurance and insurance coverage for risks, liabilities, and losses related to data breaches, hacks, and exposures of credit card numbers and information.

The lede is:

Target reported quarterly earnings for the first time since a major data breach that has affected more than 100 million customers. Target says it cost the company $61 million.

David was kind enough to interview me for the news story that was broadcast on the radio; he also quoted me in the written version of the story.  I discuss potential sources of costs and loss that retailers likely would face after a hack and breach of credit card information.  The story provides an overview of cyber insurance.  It’s nice to see that it concludes with a point that insurance companies will have to pay in the event of a claim resulting from a data breach and cyber event.  Please click on over and read the entire piece.

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2014.

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Please check out: “5 Tips For Reviewing And Buying Cyberinsurance.”

Highway Signpost "Cyber Attack"Law360 published an article that I wrote with tips for buying and reviewing cyberinsurance, with special tips for retailers who are considering buying or reviewing cyberinsurance policies.

The article is “5 Tips for Reviewing and Buying Cyberinsurance.”  With the recent rash of cyberattacks, data breaches, and other incidents affecting retailers around the country, it is a good time to turn a careful eye to insurance for cyber and privacy risks.  After a privacy, cybersecurity, or data breach incident, retailers may face a host of issues as a result of those incidents.  The issues may include individual consumer claims, putative class actions, federal and state investigations and regulatory inquiries, and demands from banks, credit card brands, and/or credit card processors.

The introduction to the article reads:

It seems that the cybersecurity was all over the news in 2013, and in 2014, retailers cannot escape the potential of a data breach. In fact, it’s been reported that six further retailers may be suffering data breaches and cyberattacks, beyond the two big retailers that were in the news over the holiday season. If you already have forgotten about your personal New Year’s resolution, consider one for your business: understanding your insurance policies with a view toward coverage for cyber risks.

If you are interested in some take aways regarding your cyberinsurance program, including considerations relating to Payment Card Industry Council compliance (“PCI compliance”), account data compromise events (“ADC events”), case management fees, operational fraud demands, operational reimbursement demands, and more, please take a look at the entire article.  Please check out “5 Tips for Reviewing and Buying Cyberinsurance.”

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2014.