This Is No Time to Stand Pat - As cyber threats morph, companies need to reassess their readiness including their insurance protection

Metropolitan Corporate Counsel

PUBLISHED ON: October 2, 2017

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In the present environment, cyber risk management simply cannot stay static. Cyber risks continue to morph and vex organizations worldwide.  Recent incidents represent a cross section of nightmare scenarios for businesses, governments and others. They included a large insurance company’s $115 million patient breach settlement; an SEC breach investigation preceding a reported $350 million (downward) price adjustment for a corporate acquisition; an $81 million cybertheft from what was thought to be perhaps the safest banking network on the planet; the sudden shutdown of UK hospital networks; law firms losing control of privileged client files; theft of yet unreleased films and original cable programming; and the destruction of industrial facilities in Europe and Asia.