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Data Security, Cyber Liability and First-party Costs for Mid Cap and Small Companies Are Reaching Catastrophic Levels

Curiously, while the numbers on data security and cyber liability losses have grabbed headlines, the published information has not focused on the insurance perspective. NetDiligence® recently released its Cyber Claims Study...more

Treasury Official Urges Banks to Consider Cyber Insurance, Assess Cybersecurity Readiness

On December 3, Deputy Secretary Raskin delivered remarks at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference. During her prepared remarks, Raskin noted recent data security breaches across many...more

The Treasury Recommends Cyberinsurance For Banks

If you think you are being overly paranoid about the recent cyber attacks on Sony, JP Morgan, and Target, think again. You aren’t the only one that has been paying attention – hackers are also front-and-center on the minds...more

On the Fourth Day of Privacy, My Insurance Carrier Gave to Me…..

gaps in my cyber liability coverage…………….. What can companies and insurers expect in the new year when it comes to cyber liability insurance coverage? While we wait for some court decisions interpreting these new...more

Hong Kong's first prison sentence under the Personal Data (Privacy) Ordinance

The Hong Kong Privacy Commissioner for Personal Data (PCPD) announced last week that a former insurance agent has received a prison sentence in respect of offences under the Personal Data (Privacy) Ordinance (the Ordinance)....more

California Amends Law to Expand Businesses’ Obligations in the Wake of a Data Breach

Entities that own, license or maintain personally identifiable information on California residents beware – on January 1, 2015, an amendment to California’s privacy and breach law goes into effect that may have a significant...more

Does your company have insurance coverage for a data breach?

According to the Ponemon Institute, the average total organizational cost for a data breach in the United States in 2014 is $5.85 million. Forbes reports that Target has incurred costs of $236 million related to the December...more

When Seeking Cyber Coverage, Preparation is Key

In 2014, major data breaches were reported at retailers, restaurants, online marketplaces, software companies, financial institutions and a government agency, among others. According to the nonprofit Privacy Rights...more

NAIC 2014 Fall National Meeting and Congressional Hearing on Global Standards in Insurance Regulation

The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among state, Federal and...more

Hackers Don’t Care About the Terms of Your Insurance Policy - The Importance of Retroactive Dates and Extended Reporting Periods...

A recent study reports that the median amount of time between an intrusion into a company’s computer network and the discovery of the incident is 229 days. The difficulty and length of time in detecting cyber infiltrations...more

Governments Eager to Help Market for Cyber Insurance Develop

Have you heard about cyber insurance? It is predicted to be the next big thing in insurance coverage. In the aftermath of the Home Depot and Target data breaches, it’s easy to see why companies doing business over the...more

Privacy Tuesday – November 2014 – Five Things to Start Your Week

Welcome to Privacy Tuesday – here are five privacy & security bits and bytes to start your week: 1) California AG’s Data Breach Report: Who Is Handling Your Patients’ Confidential Health Information? - The...more

Specialized Cyber Liability Insurance Policies Proliferate as General Liability Insurers Refuse Coverage for Data Breaches

Travelers Indemnity Company filed an action this month in the United States District Court for the District of Connecticut for a declaratory judgment that it is not obligated to defend or indemnify its policyholder, P.F....more

FIO Focus, No. 66 - Federal Advisory Committee on Insurance Meeting

On November 6, 2014, the Federal Advisory Committee on Insurance (FACI) met in Washington, DC. FACI heard presentations about the role of cyber insurance in cybersecurity, the affordability and accessibility of auto...more

Final Regulations for ACA Excepted Benefits

On October 1, 2014, the Departments of Labor, Health and Human Services and Treasury issued final regulations that address the treatment of dental, vision and employee assistance programs (EAP) as "Excepted Benefits" under...more

REMINDER: HPID Deadline is November 5th

The U.S. Department of Health and Human Services (HHS) is requiring all self-insured health plans to obtain a Health Plan Identifier number (HPID) as part of its compliance efforts under the Health Insurance Portability and...more

Cyber coverage: mind the gap

This alert identifies a number of important themes in the growing area of exposure to cyber risks and offers advice on how to negotiate the new array of insurance coverage on the market....more

Health Update - October 2014

Like It or Not, Obamacare Is Reshaping the Healthcare Industry - Editor’s Note: As we approach the one-year anniversary of Obamacare’s launch, the pundits continue to argue over whether or not it’s working. Meanwhile,...more

P.F. Chang’s CGL Insurer Seeks Declaratory Judgement on Data Breach Claim

P.F. Chang’s China Bistro made headlines when it recently reported that 33 of its restaurant locations spanning 18 states suffered a data breach in connection with the restaurant’s point-of-sale payment systems. While the...more

New York Court Holds No Coverage for Publication of Credit Card Information

In its recent decision in Nat’l Fire Ins. Co. v. E. Mishan & Sons, Inc., 2014 U.S. Dist. LEXIS 130608 (S.D.N.Y. Sept. 16, 2014), the United States District Court for the Southern District of New York had occasion to consider...more

Are you Really Protected? The Proliferation of Data Breaches Highlight the Increasing Role Cyber Insurance will Play

Every day seems to bring a new story about a significant data breach. Just within the last few weeks we have learned of the following cyber attacks... ...more

Does Your Cyber Risk Policy Protect You In the Event of an Insider Attack or Data Breach?

Protecting a company against data breaches requires not only measures to prevent the adverse cyber event, but also adequate insurance to minimize the financial impact should such an event occur. Unlike traditional lines of...more

Cyber Voluntary Payment Defense Thwarted by Bank Fraud Regulation

Financial institutions are one of the entities most threatened by cyber crisis events. As data breaches and cyber threats become more inventive, the risks to financial institutions and their clients continue to grow. However,...more

The General Counsel’s Role Before and After a Data Breach Incident

“It is often said that there are two kinds of companies out there — those that have suffered a data breach and those that will have one,” said Latham & Watkins partner Kevin Boyle. “So it makes a lot of sense to be prepared...more

Cyber Liability Insurance: Where’s the Beef?

“Cyber liability insurance” is often used to describe a range of insurance policies, in the same way that the word cyber is used to describe a broad range of information security related tools, processes and services....more

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