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Rick Mitchell<p>Sidley Austin LLP is advising financial services company Global Atlantic Financial Group on its $19.2 billion <a href="https://mstdn.social/tags/risk" class="mention hashtag" rel="tag">#<span>risk</span></a> transfer deal with life insurer MetLife, advised by Willkie Farr &amp; Gallagher LLP.<br /><a href="https://mstdn.social/tags/lawfirms" class="mention hashtag" rel="tag">#<span>lawfirms</span></a> <a href="https://mstdn.social/tags/reinsurance" class="mention hashtag" rel="tag">#<span>reinsurance</span></a> <a href="https://mstdn.social/tags/insurance" class="mention hashtag" rel="tag">#<span>insurance</span></a> <a href="https://mstdn.social/tags/lifeinsurance" class="mention hashtag" rel="tag">#<span>lifeinsurance</span></a><br /><a href="https://mstdn.social/tags/risktransfer" class="mention hashtag" rel="tag">#<span>risktransfer</span></a> <br /><a href="https://news.bloomberglaw.com/business-and-practice/wake-up-call-sidley-willkie-debevoise-lead-reinsurance-deals" target="_blank" rel="nofollow noopener noreferrer" translate="no"><span class="invisible">https://</span><span class="ellipsis">news.bloomberglaw.com/business</span><span class="invisible">-and-practice/wake-up-call-sidley-willkie-debevoise-lead-reinsurance-deals</span></a><br />.</p>
iCyberFighter<p>[<a href="https://infosec.exchange/tags/CyberInsurance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CyberInsurance</span></a>] This is a historical win, but it is bound to make more insurers shy away from covering <a href="https://infosec.exchange/tags/ransomware" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>ransomware</span></a> attacks.</p><p>Six years after the worldwide NotPetya cyberattack, a court ruled insurers for Merck &amp; Co. must help cover $1.4 billion in losses. </p><p>New Jersey appellate division judges rejected the insurers' argument that the 2017 attack, which U.S. officials later blamed on Russia, was akin to an act of war normally excluded from coverage.</p><p><a href="https://www.fiercepharma.com/pharma/merck-entitled-14b-payout-cyberattack-case-after-judge-refutes-insurers-warlike-action-claim" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">fiercepharma.com/pharma/merck-</span><span class="invisible">entitled-14b-payout-cyberattack-case-after-judge-refutes-insurers-warlike-action-claim</span></a> | <a href="https://infosec.exchange/tags/cybercrime" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cybercrime</span></a> <a href="https://infosec.exchange/tags/infosec" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>infosec</span></a> <a href="https://infosec.exchange/tags/insurancecoverage" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>insurancecoverage</span></a> <a href="https://infosec.exchange/tags/risktransfer" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>risktransfer</span></a></p>
iCyberFighter<p>[<a href="https://infosec.exchange/tags/CyberInsurance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CyberInsurance</span></a>] I have been finding the rapid evolution of cyber insurance to be fascinating. As the type of org that only deals with managing risk, it has been quite telling as to the state of affairs in the <a href="https://infosec.exchange/tags/cybersecurity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cybersecurity</span></a> landscape.</p><p>Now, the White House said it will assess how the federal government could intervene to prevent catastrophic cyberattacks from overwhelming insurers. The new national cybersecurity strategy says the Biden administration will explore creating a backstop that would be structured before major hacks (per WSJ].</p><p>This, according to a Google Cloud head of business risk and insurance, leaves companies in general—exposed to risk that they have no other way to mitigate or transfer. | <a href="https://www.wsj.com/articles/u-s-government-to-explore-cyber-insurance-backstop-ddc94c11" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">wsj.com/articles/u-s-governmen</span><span class="invisible">t-to-explore-cyber-insurance-backstop-ddc94c11</span></a> | <a href="https://infosec.exchange/tags/cyberinsurance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cyberinsurance</span></a> <a href="https://infosec.exchange/tags/cybersecurity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cybersecurity</span></a> <a href="https://infosec.exchange/tags/riskmanagement" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>riskmanagement</span></a> <a href="https://infosec.exchange/tags/risktransfer" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>risktransfer</span></a></p>
iCyberFighter<p>[<a href="https://infosec.exchange/tags/CyberInsurance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CyberInsurance</span></a>] Getting coverage is only getting harder over time, and costs are climbing as well. This continues to happen as insurers are leery of how long-term risks will play out, including yearslong <a href="https://infosec.exchange/tags/databreach" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>databreach</span></a> lawsuits. </p><p>Most major cyber insurers are willing to write insurance for their largest customers up to around $15 million, says a cyber expert at insurer AXA. But for big companies where <a href="https://infosec.exchange/tags/cyberattacks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cyberattacks</span></a> and collateral damage can end up costing much more, a patchwork of several policies will be required. <a href="https://www.wsj.com/articles/cyber-insurers-unlikely-to-offer-higher-coverage-limits-despite-better-conditions-25059df4" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">wsj.com/articles/cyber-insurer</span><span class="invisible">s-unlikely-to-offer-higher-coverage-limits-despite-better-conditions-25059df4</span></a> | <a href="https://infosec.exchange/tags/cybersecurity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cybersecurity</span></a> <a href="https://infosec.exchange/tags/risktransfer" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>risktransfer</span></a> <a href="https://infosec.exchange/tags/riskmanagement" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>riskmanagement</span></a></p>
iCyberFighter<p>[<a href="https://infosec.exchange/tags/CyberInsurance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CyberInsurance</span></a>] When it comes to cyber insurance, not only have prices been rising because of ransomware and attacks that cause high impact, but... "Insurance providers now fear a looming “catastrophic risk”. Their concern is that a single incident will affect an array of systems across the globe because so many individuals and companies are tied to a handful of large providers for their cloud services or mobile operating systems. A successful attack on one major platform could trigger a torrent of claims that send multiple insurers into bankruptcy." <a href="https://www.washingtonpost.com/business/insurers-must-brace-for-catastrophic-cyber-risk/2022/04/06/67368220-b5fd-11ec-8358-20aa16355fb4_story.html" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">washingtonpost.com/business/in</span><span class="invisible">surers-must-brace-for-catastrophic-cyber-risk/2022/04/06/67368220-b5fd-11ec-8358-20aa16355fb4_story.html</span></a> | <a href="https://infosec.exchange/tags/infosec" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>infosec</span></a> <a href="https://infosec.exchange/tags/cybersecurity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cybersecurity</span></a> <a href="https://infosec.exchange/tags/risktransfer" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>risktransfer</span></a></p>