openPR Logo
Press release

Dynamic Wealth Management Headlines: Sony’s Liability Policy May Not Cover Breach

Insurance company Zurich American refuses to pay damages for Sony’s massive data breach, as the yet-unregulated world of cyber-insurance collides with the reality of persistent hacks.

Zurich said it never signed up to pay for the 55 class action lawsuits now arrayed against Sony, which could cost the company around $178 million in damages. To plead its case, Zurich filed papers in a New York court denying responsibility for the bill.
The insurance firm insists Sony’s policy did not cover “bodily injury, property damage, or personal and advertising injury,” and therefore argues it should not have to cover the class action lawsuits.
Sony feels differently about the matter, filing a claim requesting Zurich pay for breach-related expenses.
This type of dispute may soon become common if hacks continue and cyber-attacks become a likely liability to insure against, giving momentum to the cyber-insurance industry.
Insurance companies like Travelers Companies and Chubb are taking advantage of new opportunities, now that hackers steal the spotlight with exploits against corporations and even governments. Groups like Anonymous and LulzSec have targeted everything from Rupert Murdoch’s “The Sun” tabloid and Fox News to the Turkish government and the C.I.A.
The reality of online vulnerability is a relatively new concept for businesses, as is the related idea of cyber-insurance, a young field that remains largely unregulated.
But while the cyber-insurance business has thus far enjoyed large profit margins and few expenses for insuring databases and servers, this may change as hacked companies try to cash in on their policies. If cyber-insurance firms want to attract more customers, they may need to start covering breaches or at least clear up the fine print to indicate exactly when they don’t intend to do so, updating their policies to include the latest technology.
In Sony’s case, the New York court’s interpretation of Zurich’s fine print will make a big difference to its coffers.
Plaintiffs allege Sony failed to adequately protect their personal data for months after hackers first ravaged the company and exposed millions of customer accounts from April 16 to 19. Sony, they claim, stored passwords in an unencrypted format that presented hackers with an easy target.
If they win, Sony may be stuck with a $178 million or higher bill unless Zurich comes to the rescue. But in this high-stakes game, neither party is likely to grudge such a big payment without a big fight.

At the Dynamic Wealth Management Zurich, Switzerland, we realize that no two clients are the same. Every client has different financial needs, goals, and plans. For this reason, the DWM offers a wide array of investment options to suit every client. We tailor your investment strategy to be as individual as you are.

148 Church Street
8th Floor
New York City, New York 10007
United States
+1 646 845 7300

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Dynamic Wealth Management Headlines: Sony’s Liability Policy May Not Cover Breach here

News-ID: 190404 • Views:

More Releases from Dynamic Wealth Management Zurich

Dynamic Wealth Management Headlines: Nigeria’s Economic growth and Statistics: …
Governor Sanusi Lamido Sanusi of the country’s apex Federal Reserve Institute, the Central Bank of Nigeria and its monetary policy committees retained the benchmark interest rate at 12 percent. The market did not anticipate any change of the monetary interest rate; therefore there was no negative or positive reaction to the outcome. Sanusi’s CBN cannot be accuse of not trying its best possible to utilize the tightening of the monetary
Dynamic Wealth Management Headlines: German Bunds Advance as French Borrowing Co …
German bonds rose as French borrowing costs climbed at an auction, stocks declined and European industrial orders increased less than analysts predicted, fueling concern the debt crisis is feeding an economic slump. Italian and Spanish bonds slid as Europe’s bailout fund sells notes at a yield spread almost seven times its first issue a year ago. Greek Prime Minister Lucas Papademos said his nation faces “the immediate risk” of a default
Dynamic Wealth Management Headlines: Europe,China Manufacturing Drops on Impact …
Dec. 1 (Bloomberg) — Manufacturing weakened from China to Europe last month as the euro region’s debt crisis darkened the outlook for the global economy. China’s manufacturing contracted in November for the first time since February 2009 as the property market cooled and Europe’s turmoil cut export demand. In Britain and the 17-nation euro area, manufacturing shrank at the fastest pace in about 2 1/2 years as the region edged toward
Dynamic Wealth Management Headlines: Opportunities for Africa from the global ec …
The recent global economic crisis has provided us in Africa with an opportunity to review how we do business and think about the future, a future that needs to be grounded in fairness, integrity and sustainable development as opposed to greed and cronyism that has all too often been the case in the past. I believe that a key factor for the future will be the role played by the

All 4 Releases


More Releases for Sony

Global Smartphone 3D Camera Market Future Prospects 2027 | Sony Panasonic Corpor …
Smartphone 3D Camera The report published on the Global Smartphone 3D Camera Market Research Report Covers, Future Trends, Size, Share, Past, Present Data and Deep Analysis, And Forecast, 2021-2027 market by Zion Market Research facilitates a closer outlook on opportunities, revenue growth, and current market trends. The report is focused to offer qualitative and quantitative analysis of dynamics and market opportunities prevailing during the forecast period. Also, the report encompasses an
Japan Home Accessories Market | Hewlett-Packard (HP), Dell, Lenovo Group Limited …
According to a new report published by Allied Market Research, titled, "Japan Home Accessories Market by Product, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2018-2025," the Japan home accessories market size was valued at $9,425.7 million in 2017, and is expected to reach $12,203.5 million by 2025, growing at a CAGR of 3.4% from 2018 to 2025. The video games segment is expected to retain its dominant position, in
Global Mini Speakers Market 2018 - Sony , Philips , Bose , Harman Kardon , UE MI …
Global Mini Speakers market was estimated at USD xx million in 2018 and expected to reach USD X.XX million by the end of 2025, growing at a CAGR of XX% between 2018 and 2025. According to the Research Global Mini Speakers Market 2018 report, the Mini Speakers industry is anticipated to reach about X.XX million USD by the year 2025 with an average growth rate of XX.XX %. The Global Mini
Wireless Speakers 2017 Global Key Players – Sony, Harman, Bose, BRAVEN, Philip …
Wireless Speakers Market 2017 Wiseguyreports.Com Adds “Wireless Speakers Market – Market Demand, Growth, Opportunities, Analysis of Top Key Players and Forecast to 2022” To Its Research Database. Report Details: This report studies Wireless Speakers in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016, and forecast to 2022. This report focuses on top manufacturers in global
Global Mini Speakers Market 2017 - Bose, Sony, JBL, OontZ Curve, Logitech, Denon …
The report focuses on global major leading industry players with information such as company profiles, product picture and specifications, sales, market share and contact information. What’s more, the Orphan Drugs industry development trends and marketing channels are analyzed. This report studies Orphan Drugs in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016,
Global Mini Speakers Market 2017 - Bose, Sony, JBL, OontZ Curve, Logitech, Denon …
The report focuses on global major leading industry players with information such as company profiles, product picture and specifications, sales, market share and contact information. What’s more, the Mini Speakers industry development trends and marketing channels are analyzed. This report studies Mini Speakers in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016,