Hunton Insurance Recovery Blog

Reports of recent cyberattacks continue the discussion we started with yesterday’s blog post about common hurdles to coverage.  The hurdle for today’s discussion?  Ransomware.

Ransomware attacks are on the rise.  Security services company SonicWall reported that ransomware attacks increased by a factor of 167, from 3.8 million in 2015 to 638 million in 2016.  Similarly, insurer Beazley reported that ransomware claims quadrupled in 2016, and are expected to double again in 2017.

Despite these trends, many standard cyber forms do not cover ransoms to restore system access or to ...

As reported in the Privacy & Information Security Law blog, on October 25, 2016, the Federal Trade Commission released a guide for businesses on how to handle and respond to data breaches (the “Guide”). The 16-page guide details steps businesses should take once they become aware of a potential breach. The guide also underscores the need for cyber-specific insurance to help offset potentially significant response costs.