04
Apr
2016

A Policyholder's Guide To Commercial Crime Coverage

Law360

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In today's ever-shifting digital landscape, companies are being targeted by increasingly sophisticated fraudulent schemes, such as a "phishing" scam that cost tech company Medidata Solutions $4.8 million, raising questions about whether commercial crime insurance policies can keep up.

In this article, experts discuss key provisions of commercial crime policies and how policyholders can ensure they are tailored for maximum coverage.

With regard to ransom and extortion:

Generally, cyber policies will cover a company's costs from losses associated with extortion through electronic means, according to Andreson Kill PC shareholder Joshua Gold.
"When you're dealing with ransomware claims or other claims where there is a threat to steal data or disclose data, a cyber policy is supposed to pay that loss and expenses associated with the extortion approach, Gold said.

Related People

- Cyber Insurance Recovery Attorney | Anderson Kill P.C.
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