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Cyber Insurance May Assist in Addressing Risk Posed by OpenSSL Vulnerabilities and Malware

The Department of Justice estimates that the GameOver Zeus malware has infected between 500,000 and 1,000,000 computers and so far caused “direct and indirect losses to consumers and businesses exceeding $100 million.” Antivirus software alone does not always prevent such infection; a leading antivirus developer recently stated that, as a result of advances in malicious code, antivirus software is now “dead.”

With technology capable of providing only partial security solutions, a proactive approach to address cyber risk should include evaluation of risk transfer mechanisms, such as insurance. In April 2014, members of Hunton & Williams LLP’s
Insurance Counseling and Litigation and Global Privacy and Cybersecurity practices participated in a webinar regarding cyber insurance, discussing the nature of cyber risk and possible insurance solutions.

Listen to a recording of the seminar.

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