Associate Robert Jacques’ comments are featured in a Law360 article—discussing the ramifications of the ransomware attack on Colonial Pipeline Co. and focusing on cyber insurance policies—noting that the broad and very public impact of the Colonial Pipeline incident may lead to more efforts by state governments to encourage companies to buy cyber insurance.
“Given the national security and economic considerations at issue, federal efforts are also likely,” he said.
The increase in claims for the ransomware attacks will also serve as “a bit of a double-edged sword” for insurers, Robert pointed out. While higher losses mean a potential rollback in capacity for cyber insurance, he noted that the attacks bring data to insurers that can help them better underwrite the risk.
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