One of the areas of significant concern in the global insurance underwriting community is the potential exposures insurers face from “silent cyber” – that is, the coverage of cybersecurity-related losses under traditional insurance policies that are not expressly designed to cover cyber losses. In a recent ruling in an insurance coverage dispute in which a small business sought insurance coverage for its losses following a ransomware attack, a Maryland federal court judge, applying Maryland law, held that the company’s business owner’s policy (BOP) covered the damages the company incurred.   The ruling highlights the potential coverage available for companies experiencing cyber-security losses under their traditional insurance policies. As discussed below, there are a number of interesting features to this ruling.
Continue Reading Court Holds Business Owner’s Policy Covers Ransomware Caused Losses