Cyber Insurance Litigation

SEC Suit Against SolarWinds CISO to Drive Demand for D&O Insurance & Other Protections for Cyber Security Chiefs: WSJ

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The Securities and Exchange Commission (SEC) has sued SolarWinds Corporation, the software company, and its chief information security officer, Timothy G. Brown, for fraud and internal control failures in relation to the company’s major hack in 2020, reportedly conducted by Russian intelligence. “The complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and an … Read more

New SEC Disclosure from MOVEit Owner Reveals Gory Details of Cyber Insurance Coverage, Lawsuits & SEC Subpoena

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Progress Software Corporation (PRGS) is the provider of MOVEit Transfer software, a program responsible for what is widely considered the largest hack so far in 2023, impacting at least 2,000 enterprises and 60 million individuals, according to media reports. The Company has now issued a 10Q report (10/10/23) providing details on the attack and recoveries … Read more

Can the Existence of a Risk Management Program for Cyber Insurance Also Provide Legal Protection?

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The dawn of SEC-required cyber disclosures seems sure to increase litigation, as we’ve reported. Could the kind of cyber risk management now required by most cyber liability insurers provide some protection from the plaintiff’s bar? Liberty Mutual thinks so. “Cyber risk management strategies can help mitigate the likelihood of falling victim to an attack; but … Read more

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