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Boom or Bust? Cyber Security and Data Breach Loss in Latin America

Every day in the news we are assaulted by reports of cyber security and data breaches of industry giants, major retailers and financial conglomerates that compromise the privacy and security of millions. In the wake of such...more

Cyber Risk as a Regulatory Issue: Tales of Encryption

Spurred by the prescient reporting found in this space (and, just maybe, by the Anthem data breach, which occurred a week later), insurance regulators have recently engaged in a flurry of regulatory activity relating to cyber...more

MNsure Audit Released

The Office of the Legislative Auditor (OLA) released its much-anticipated review of MNsure’s first year of operations. MNsure is Minnesota’s online health insurance marketplace that was established in accordance with the...more

New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers' Cyber Defenses

The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures include, among other things: regular,...more

NYS Announces New Assessments Of Insurers’ Cybersecurity Practices

On February 8, 2015, the New York State Department of Financial Services (“DFS”) issued a Report on Cyber Security in the Insurance Sector (the “Report”) and disclosed a series of steps it will be taking to bolster...more

New York DFS Announces Targeted Cybersecurity Examinations, Releases Report on Insurance Companies

On February 8, New York DFS Superintendent Benjamin Lawsky announced that the DFS would begin (i) regularly examining insurance companies’ cyber security preparedness; (ii) enhancing regulations that will require insurance...more

Cybersecurity Insurance – One Size Does Not Fit All

With headlines of data breach incidents becoming a weekly, if not daily occurrence, it’s not surprising that many companies are considering whether they should purchase cybersecurity insurance, if they haven’t already. The...more

OCIE's Cybersecurity Risk Alert Provides Insight For Investment Advisers Into Peer Practices

On February 3, 2015, the SEC's Office of Compliance Inspection and Examinations ("OCIE") released a risk alert titled Cybersecurity Examination Sweep Summary providing an overview of how investment advisers and broker-dealers...more

With Self-Driving Vehicles on the Forefront, Companies Should Consider Cyber Insurance Coverage Options

As we move closer to a world of self-driving cars, it is important for companies involved in their manufacture to consider cyber insurance policies to provide coverage for the risks brought by this new technology....more

Trends To Watch In Cyber Liability and Reputational Insurance

With major data breaches again making news, it is important for corporate policyholders to keep abreast of insurance developments in this emerging and fast-moving area. In this update, we provide some thoughts on cyber...more

Locke Lord QuickStudy: Attention, Health Insurers: Unique Encryption Requirements in NJ

Setting a new standard for encryption, New Jersey has enacted a new law (P.L. 2014, c. 88, codified at N.J. Stat. Ann. §§ 56:8-196 - 56:8-198) effective August 1, 2015, requiring health insurance carriers authorized to issue...more

New York State releases cybersecurity report on insurance industry, will assess New York-regulated insurers’ cybersecurity

The New York Department of Financial Services has released its Report on Cyber Security in the Insurance Sector and announced it will begin conducting targeted cybersecurity assessments of New York-regulated insurance...more

Could the Anthem Hack Happen Again? New Report Analyzes Insurers’ Cyber Security Programs

The New York State Department of Financial Services (the “Department”) recently released a “Report on Cyber Security in the Insurance Sector” (the “Report”). The Report was released on February 8, 2015, just four days after...more

State Insurance Regulators Target Insurers' Responses to Cyber-Attacks

Cyber-attacks are becoming increasingly common and destructive, with the recent incidents involving Sony and Anthem Blue Cross Blue Shield serving as cautionary tales. As a result, state insurance regulators are focusing on...more

Undercover of the Night – Hacking, Data Breaches And The Terrorism Exclusion

In recent years, there have been several notable large data breaches that have caught the attention of the media. Home Depot and Target are examples of major corporations that have been hacked. ...more

Are Cyber War & Cyber Terrorism Insurable?

The frequency of cyber war and terrorism is no longer the risk. The magnitude of the potential damages is the real threat. It’s conceivable that an enemy of the U.S. government could hack a U.S. energy, water, or fuel...more

Cyber Attackers Reach Anthem, Health Care Providers Seen As Vulnerable

Anthem, one of the nation’s largest health insurers, announced last Wednesday that it had been attacked by cyber hackers and that personal information for as many as 80 million individuals had been compromised....more

The Anthem Data Breach: The Fallout and What’s Next

By now (unless you have been under a snow drift), you have likely heard about the apparent intrusion into a database at the nation’s largest health insurer, Anthem, Inc. Rather than reiterate the facts as currently known...more

New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives

On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity...more

New York Department of Financial Services Releases Report on Cybersecurity in the Insurance Industry; announces new targeted...

On February 8, 2015, the New York Department of Financial Services released its Report on Cyber Security in the Insurance Sector, and announced that it will begin conducting targeted cybersecurity assessments of New...more

CalPERS Members Impacted by Anthem Blue Cross Cyber-Attack

Anthem Blue Cross, one of the nation’s largest health insurance providers, announced last week that it was the target of a cyber-attack in which attackers gained unauthorized access to its IT systems and records....more

C-Suite – Changing Tack on the Sea of Data Breach?

The country awoke to what seems to be a common occurrence now: another corporation struck by a massive data breach. This time it was Anthem, the country’s second largest health insurer, in a breach initially estimated to...more

Can A Certified Class Include Uninjured Parties? First Circuit Majority Says “Yes,” In Some Instances

One of the “hot” issues in class actions today is whether, or to what extent, a class can be defined to include members who were not injured, and do not have standing to sue. ...more

Honored in the Breach: Employer Action Items for an Insurer Data Breach

This morning, Anthem Blue Cross and Blue Shield, one of the largest health insurers in the country, notified its policyholders, members, and business partners that it was recently the target of an external cyber attack that...more

Millions Affected by Hackers’ Attack on Health Insurer Anthem, Inc.

“Anthem was the target of a very sophisticated external cyber attack,” announced Joseph Swedish, Anthem’s President and CEO. Anthem, Inc., formerly known as WellPoint, Inc., is one of the largest health insurance companies in...more

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