Let the Cyber Litigation Begin!
Cyber Insurance is squarely in the spotlight; the case of P.F. Chang’s China Bistro Inc. v. Federal Insurance Co. has been heard and could signal an onslaught of litigation between cyber insurers and policyholders.
Chubb Ltd. will not be required to reimburse P.F. Chang’s for costs charged the restaurant chain related to credit card processing in connection with a 2014 data breach under its cyber policy. For those interested in the details of the case and position Chubb proffered, here is the link: http://media.ca7.uscourts.gov/cgi-bin/rssExec.pl?Submit=Display&Path=Y2016/D04-14/C:14-3700:J:Wood:aut:T:fnOp:N:1737105:S:0
For the rest of us, this case is truly significant because it highlights the need for every company to acknowledge that cyber insurance is now part of its governance program. Further, it would be wise to work with knowledgeable professionals to find your way through the new policies and developing language. Take the time to review your policy with an expert, contact Layer 8 Security today.BACK TO BLOGS