“Of the many cyberattacks in 2014, none was as sensational as the November 2014 catastrophic attack waged by The Guardians of Peace on Sony Pictures Entertainment’s computer systems,” notes this DRI In-House Defense Quarterly article co-authored by Jonathan L Schwartz, a partner in Goldberg Segalla’s Global Insurance Services and Cyber Risk and Social Media Practice Groups.
“What made this breach truly sensational … was not the number of compromised records. Rather, The Interview Attack had all the trappings of a Hollywood movie. It had espionage, a threat against a major motion picture studio, and the release of confidential, embarrassing, and proprietary information and intellectual property.”
This article analyzes the emerging cyberinsurance market and all the options available to protect companies of all sizes from data breach losses. The authors discuss why traditional CGL policy forms were never designed to, and do not, cover these exposures, and they review the essential and ongoing risk management dialogue that must occur between cyberinsurers, brokers, and policyholders regarding the need for adequate cyberliability insurance protection.