In the insurance industry, an “endorsement” is used to amend an insurance policy. Endorsements can be used to add items to a policy, amend policy provisions, or update an insured’s coverage. Endorsements also can be used to provide directions to third parties with whom an insured can work if a claim is made under a policy.
Cyber criminals are becoming increasingly sophisticated, and the costs to mitigate damage inflicted by a cyber breach are rising. With these threats in mind, cyber insurance has emerged as an attractive way for companies to mitigate risk. In this episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss sits down with his Faegre Drinker colleague David Porteous, an authority on the securities regulations related to cybersecurity, and Conrad Deneault, a cyber insurance executive and provider of consultative risk management, to discuss cybersecurity regulation and enforcement efforts in the financial services industry as well as insurance coverage.
Policy holders alleging that computer fraud provisions of their insurance policies extended to fraud that stemmed from an intercepted email and a spoofing attack notched wins before two separate appellate courts recently. The first involves Travelers Casualty and Surety of America and American Tooling Center Inc., and the second involves Chubb Ltd. and Medidata Solutions Inc.