General Business Science, Computers & Technology Insurance

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Lessons Learned in London

Earlier this month, I spent a week in the birthplace of D&O insurance, London. In addition to moderating a panel at Advisen’s European Executive Risks Insights Conference, I met with many energetic and talented D&O insurance...more

DFS Cyber Regulation: Changing the Rules – An Interview with Bay Dynamics’ Steven Grossman

As part of Patterson Belknap’s continuing focus on the New York Department of Financial Services (DFS) proposed cybersecurity regulation, we sat down with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, a cyber...more

Law Firms and Vendors Mandated to Up Their Cyber Game: Final Installment in a 3-Part Series

This is our final installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation.  In this installment, we provide an overview of the regulation’s impact...more

New York Department of Financial Services Proposes Cybersecurity Regulation

On September 13, 2016, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies, and other financial services...more

Data Breach Decision Points: Part 5

The best way for a company to handle a data breach is to be prepared. As we discuss in our data breach readiness handbook, preparation includes, among other things, drafting an incident response plan, reviewing...more

FIO Annual Report On The Insurance Industry

In September, the Federal Insurance Office (“FIO”) issued its Annual Report on the Insurance Industry for 2015, including its “outlook” for 2016 based upon results reported through June 30, 2016....more

Ninety-Nine Problems but a Breach Ain’t One: Cybersecurity Lessons for Insurers

In the movie WallStreet , the character Gordon Gekko famously states that information is the most valuable commodity he knows. These days, the same could be said of data, which can now be bought, sold, and, increasingly,...more

Recent CyberSecurity Incidents Emphasize Importance of Cyberinsurance

As the threat of cyberattacks continues to pose daily threats to businesses large and small, more companies have turned to cyber insurance products to shore up protection against these disruptive threats. A spate of recent...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Recently, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

New York Department of Financial Services Proposes Comprehensive Cybersecurity Regulations for Financial Institutions

In September, the New York Department of Financial Services (“DFS”) proposed new rules (“Rules”) that would require covered financial institutions – banks, insurers, and other institutions regulated by the DFS – to establish...more

Latest Cyber Attack a Wake-up Call: What are your company’s IoT exposures?

The Internet of Things gives rise to many risks and exposures that companies and their insurers were not thinking about as recently as a couple years ago, and probably aren’t fully cognizant of today....more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

The Cyber Regulation Drops

On September 13, 2016, Governor Andrew Cuomo announced the first proposed broadly applicable cyber regulation in the U.S. (the “Regulation”). The Regulation covers banks, insurance companies and other financial institutions...more

Cybersecurity Awareness Month: Visits From the Ghosts of Claims Past and Claims Future

Cybersecurity awareness month is nigh upon us again, and thus perspective is in order. 2016 brought us the first collection and analysis of the nascent claims history of the burgeoning cyber-insurance market. On August 27,...more

6th Circuit “Stands” Up for Plaintiffs in Data Breach Suit

A recent decision by the U.S. Sixth Circuit Court of Appeals lowers the threshold for standing in data breach cases, giving data breach victims an easier path to sue the companies from which their data was stolen. Adam Frey...more

UK’s FCA Weighs in on Insurers’ Use of Big Data

On September 21, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), released a "Feedback Statement" after completing a review of insurance industry responses to its November 2015 "Call for...more

New York Proposes First-in-the-Nation Cybersecurity Regulation for Financial Institutions

On September 13, 2016, the New York Department of Financial Services introduced a new rule that would require banks, insurance companies and other financial institutions regulated by the Department to establish and maintain a...more

The (Regulated) Rise of the CISO

The proposed New York Department of Financial Services Cybersecurity Requirements for Financial Institutions (the “Regulation”) has many different aspects that are designed to bring about overall improvement in cybersecurity...more

New York Proposes Required Cybersecurity Programs for Financial Institutions

In an unprecedented effort to protect New York State’s financial services industry from cyber threats, Governor Andrew M. Cuomo announced a proposed regulation that requires banks, insurance companies, and other financial...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

Galaria v. Nationwide: Data Breach Plaintiffs Standing Strong in the Sixth

This week, in the first post-Spokeo circuit court decision to address standing in a data-breach class action, the Sixth Circuit joined the Seventh Circuit in holding that plaintiffs whose sensitive personal information has...more

New York State Proposes New Cybersecurity Regulation

The New York State Department of Financial Services (“DFS”) has proposed a new regulation imposing significant new cybersecurity requirements on banks, insurance companies, and other financial services institutions regulated...more

Privacy & Cybersecurity Update: New York State Proposes Cybersecurity Regulation for Financial Institutions

New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more

Cyber Insurance: Common Pitfalls of the Insured

As we have noted in a number of recent posts, tech companies need cyber insurance. The risk of not having it is simply not worth it.  But cyber insurance policies can be confusing to understand because the policies vary...more

The Impact of the Smart Home Revolution on Product Liability and Fire Cause Determinations

The concept of the Internet of Things (IoT) has existed for more than 15 years. Technology pioneer Kevin Ashton is widely credited with coining the term in 1999 to describe the connection of physical objects to the internet...more

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