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Cyber attacks increase the risk of claims against the board and senior executives

Topic Featured News

Cyber attacks

The number of cyber attacks against companies has increased during the past few years, while data protection legislation has become stricter. A recent trend shows that cyber attacks may also lead the shareholders to set demands against the company, the board and the senior executives in case the company’s share prices fall when news of the cyber attack reach the market.

An increasing amount of companies, both in the US and the rest of the world, have ended up in a situation where the board and the senior executives have been held accountable to the shareholders for the consequences of a cyber attack, which can result in high legal fees and potentially very high damages.

In our new article, AIG's underwriter Nima Rafiee advises what boards and senior executives can do to reduce the risk of having a cyber-related claim raised against them by the shareholders.

Read the full article here.