The Source for Cyber Insurance News, Insights and Data
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
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
Rising Portfolio Risks Drive Need for Strong Cyber Insurance Policy Coverage Private equity sponsors must now prioritize strong cyber insurance policy coverage. According to the law firm Proskauer, 2025 brings increasing portfolio risks from geopolitical instability, inflation, and cybercrime. They warn that legal and operational risks at the portfolio level can have a direct impact … Read more
Sonic Automotive Inc., one of America’s largest car dealers, recently reported that its Q1-2025 net income reached $70.6 million, “up 68% year-over-year.” But that increase “includes the effect of a $30.0 million pre-tax gain” from a cyber insurance settlement, the company (NYSE:SAH) noted in an April 24th press release. Sonic had recognized another, related $10 million … Read more
Four companies have settled charges by the Securities and Exchange Commission (SEC) that they made “materially misleading disclosures” after being breached in 2020 by the SolarWinds’ Orion software hack (US public companies have been required to disclose material cyber events since last year, see this.) But two of five SEC commissioners dissented on the charges, … Read more