Ransomware is on the rise and financial, legal and risk management advisors for New York businesses should consider evaluating coverage under crime policies for cybercrime and cyber risks. In an article for New York Law Journal, Partners Peter A. Halprin and Mikaela Whitman and Associate Nicolas A. Pappas, discuss two recent decisions – Medidata Solutions v. Federal Insurance Company and G&G Oil Co. of Indiana v. Continental Western Insurance Co. – that highlight issues businesses need to consider when evaluating coverage.
According to the attorneys, while several kinds of insurance may provide coverage for the types of schemes in these cases, businesses should not overlook that crime insurance may be available. The Medidata Solutions and G&G Oil decisions demonstrate the interplay between crime insurance coverages and cybercrime, and as the landscape continues to evolve, businesses should review their coverage as new decisions are issued.
Read the full article here to learn more.