Underinsured

Overpaying for Ransomware Response Not Covered: Ruling in Cyber Insurance Litigation

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Illinois Cyber Insurance Litigation The ruling in Illinois cyber insurance litigation, which came last month in the state’s appeals court, stemmed from the high-profile 2021 ransomware attack on Kronos Private Cloud (now part of UKG), in which hackers exploited vulnerabilities like Log4j to disrupt payroll and HR services for millions of employees worldwide. Clients, including … Read more

Marks & Spencer Gets $132 million in Cyber Insurance Claims, But Cyber Attack Slashes Profits

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British retailer Marks & Spencer has started receiving substantial cyber insurance claims payouts from its April cyberattack. “Insurance income proceeds of £100.0m (app. $132 million), in respect of the incident, recorded centrally in adjusted profit,” the Company reported in its November 5th earnings report. But headlines on the report focused on the dramatic decrease in … Read more

Another Large UK Company Caught with Inadequate Cyber Insurance? The Co-operative Group Appears Underinsured.

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The Co-operative Group is a British operator of retail stores, funeral homes and other businesses. Like Marks and Spencer, another major UK retailer, the Co-op, which generates billion-of-dollars in yearly revenue, has been hit with a major cyber attack. But compared to Marks and Spencer, the Co-op appears to be grossly underinsured for cyber threats. … Read more

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