PF Chang's Loss Highlights Common Holes In Cyber Coverage
By Jeff Sistrunk (June 8, 2016, 8:54 PM EDT) -- An Arizona federal court's recent ruling that P.F. Chang's isn't covered under a cyberinsurance policy for assessments that MasterCard charged its card processing agent following a network attack should serve as a wake-up call to policyholders that cyber policies are not a cure-all for every risk tied to a data breach, attorneys say.
U.S. District Judge Stephen McNamee held in a May 31 decision that Chubb unit Federal Insurance Co. doesn't have to cover the $1.9 million-plus that MasterCard charged P.F. Chang's' payment processor, Bank of America Merchant Services, to deal with fallout from the breach, which compromised 60,000 credit card...
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