McGuireWoods Insurance Recovery Blog

McGuireWoods Insurance Recovery Blog

Insights for Policyholders

Category Archives: Cyber Insurance

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Business Interruption, Cyber Insurance

Insurance Coverage for Lost Profits Arising from Cyber Attacks on the U.S. Power Grid – Contingent Business Interruption Coverage for the Internet of Things

Closed.jpgThe Washington Post reported last week that Russian hackers had penetrated the U.S. utility grid through Burlington Electric Department, a Vermont utility.  Although the utility later clarified that the attacked computer was not connected to the grid and that the connection to Russia was not confirmed, hundreds of news sources picked up the story, demonstrating… Continue Reading
Best Practices, Cyber Insurance, General Liability, Policy Interpretation, Property Insurance

Cyber Risk “IRL”: Insurance Issues Arising from Cyber-Related Property Damage and Bodily Injury Claims

Insurance ConceptsMany an unhappy modern tale arises when a cyber-predator suggests to his victim that they transition their dealings from the virtual world to a meeting “IRL” – “in real life.” But the perils that arise when the internet meets the “real world” are not limited to vulnerable individuals:  advances in technology, coupled with the ingenuity… Continue Reading
Additional Insured Coverage, Bad Faith, Business Interruption, Crime Insurance, Cyber Insurance, Financial Institution Bonds

8th Circuit: Financial Institution Bond Provides Coverage for Fraudulent Wire Transfers

With policyholders facing increased losses from hacking and business email compromise, insurers are fighting hard to escape their obligations under financial institution bonds, crime policies and cyber insurance policies. In a case that bolsters policyholders seeking coverage for digital fraud, the U.S. Court of Appeals for the Eighth Circuit held that a bank’s financial institution… Continue Reading