Law360, New York (January 28, 2014, 6:12 PM EST) -- With more information on the breach of Target's point of sales systems available, stepping back and evaluating the event from an insurance perspective should be a useful exercise. The publicity about the Target breach has reportedly led to an uptick in the purchase of cyberinsurance products[1] and Target itself is reported to have purchased approximately $100 million of cyberinsurance coverage.[2] We do not know the exact language of Target's cyber policies, but the first layer above a self-insured retention was reportedly for $15 million under a form issued by Ace Ltd.[3] Ace publishes some of its cyber forms on a website; let's evaluate how one of those forms might respond to a loss such as Target's.[4]...
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