The Source for Cyber Insurance News, Insights and Data
Here it is—Your Cyber Insurance Sunday—Upload. The latest cybersecurity insurance news. A few items from the week: CrowdStrike – we gathered a collection of insurance-focused stories for you to consider; Cysurance and Sophos in Australia; America’s largest trial court falls victim to ransomware; CRC Group with something new. There’s more. Take a look. Share it. … Read more
MGM Resorts International’s stock saw a 4.86% increase, closing at $36.48 on Friday. The move was buoyed by news that the company possesses ample cyber insurance to mitigate losses from a recent cyberattack. Over the past month, the stock had suffered a 16% decline. The Las Vegas-based firm projects that the September cyberattack will negatively … Read more
Amid the Wall Street Journal exclusive report on the MGM hack, an intriguing detail emerges. MGM has affirmed that it is poised to mitigate the financial impact of the cyberattack with its cyber insurance. The indication? It won’t significantly affect MGM’s performance for the year. The WSJ headline centers on MGM’s refusal to pay the … Read more
In a widely reported research note on MGM Resorts International (NYSE: MGM), JMP Securities analyst Jordan Bender wrote that he believes the company has a $200 million cyber insurance policy that covers business interruptions and payments to bad actors. If that’s accurate, the resort operator isn’t likely to incur significant costs attributable to the data … Read more
We’ve written extensively about the SEC regulations requiring public companies to disclose material cyber events (see full regs and legal analysis of it here.) Analysis of the legal and business ramifications of the disclosure regime have raised a number of issues, including potential conflicts between the cyber and D&O or other policies of insureds hit … Read more