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NYS Cyber Regulation Countdown: Continuous Monitoring

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

DFS Cyber Compliance Nightmare? New survey reports less than half of financial firms will meet deadline

A new survey by the Ponemon Institute reports that less than half of the financial institutions covered by New York’s sweeping new cybersecurity regulation say they will “likely” meet next February’s compliance deadline. And...more

NAIC Insurance Summit 2017: Innovation and Disruption Are Top of Mind for State Regulators

by Mintz Levin on

From May 22-26 Mintz Levin participated in the annual NAIC Insurance Summit in Kansas City. A main theme of this year’s Summit was technology and innovation. The Summit was remarkable in that it served as a meeting grounds...more

NYS Cyber Regulation Countdown: “Risk Assessment” – Now or Later?

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

Managing Cyber Risks: Tips for Purchasing Insurance That Works for Your Business – Part II

by Blank Rome LLP on

This article highlights several strategies for maximizing the value of a cyber insurance purchase. The first part of the article, which appeared in the May 2017 issue of Pratt’s Privacy & Cybersecurity Law Report, highlighted...more

WannaCry, Adylkuzz, and Cyber Breach: How to Maximize Insurance Coverage in the Event of Cyber Attack

by King & Spalding on

The worldwide hack that surfaced on May 12—known as “WannaCry”—wreaked havoc on hundreds of thousands of computers across the globe and is one of the biggest ransomware hacks the world has ever experienced. The U.K.’s...more

New York’s Cybersecurity Requirements for DFS Licensees: A New Item at the Top of the To-Do List

by Locke Lord LLP on

With the compliance date only a few months away, licensees of the New York Department of Financial Services (DFS) must start taking action immediately to comply with the coming cybersecurity requirements, which will be more...more

Privacy Perils: To Insure or Not to Insure – Options for Cyberliability Insurance

by Bass, Berry & Sims PLC on

The commercial cyberliability insurance market is well-established, with U.S. corporations now spending in excess of $1 billion annually on insurance premiums for coverage....more

Transportation Disrupted: AI in the Driver's Seat

Eversheds Sutherland Lawyers Share Insights on Data Privacy, Cybersecurity, Intellectual Property and other Challenges Raised by Autonomous and Connected Cars - On May 3, 2017, Eversheds Sutherland hosted Transportation...more

No More Tears: Insurance Coverage For The "WannaCry" Ransomware Attack

by Jones Day on

This month's WannaCry "ransomware" attack—the first truly global incident of its kind—is believed to have affected at least 300,000 computers in over 150 countries, claiming among its victims many large corporations and...more

Ninety Days and Counting: NY Cyber Regulation’s First Deadline

Faced with an approaching August 28th deadline, the more than 3,000 financial institutions that do business in New York should be knee-deep in implementing the first wave of requirements under the State’s sweeping and...more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

by White & Case LLP on

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

The D.C. Court of Appeals Just Scrapped the Drone Registry and May Have Also Turned Homeowners Insurers into Aviation Insurers

Model-aircraft hobbyist John Taylor didn’t want to register his model aircraft with the FAA pursuant to the newly created drone registry. So he took on the FAA, challenging new regulations aimed at unmanned aircraft...more

Testing the Limits II – Cyber Coverage Litigation Keeps on Rolling

by Locke Lord LLP on

As cyber risks continue to evolve, resulting insurance claims continue to implicate a variety of types of policies. Although many claims are addressed without lawsuits being filed, some are not. And while not all coverage...more

The WannaCry Affair - Three Cyberinsurance Related Tips for Clients

by Poyner Spruill LLP on

As we have previously noted, a recent ransomware attack crippled over 75,000 computers in over 100 countries. The “WannaCry” appears to be the largest Ransomware attack to date. However, cyber-experts are already warning of a...more

FAA Drone/Human Collision Analysis Study Helpful for Drone Insurance

by Rumberger Kirk & Caldwell on

The FAA recently published the results of a study that was designed to evaluate the risks of serious injury to a pedestrian resulting from a drone collision. ...more

New York stiffens data protection regs

by Thompson Coburn LLP on

New York has once again positioned itself as a leader among states by recently implementing one of the most detailed and stringent data security regulations to date. It should come as no surprise that New York is a prime...more

Preparing for PIPA — Data Protection and Implications for the Insurance Industry

by Sedgwick LLP on

On 2 December 2016, the administrative provisions of the Personal Information Protection Act 2016 (PIPA; the Act) came into force establishing the office and powers of the Privacy Commissioner and providing for the method of...more

Winery, Vineyard Cyber Attack Risk Grows With Web-Connected Systems

In the internet of things (IoT), new opportunities for efficiency continually bring new cyber risk. If a device in your winery or vineyard connects to the internet, it is vulnerable. And so is the rest of the system connected...more

New York Department of Financial Services Provides Guidance on Cybersecurity Regulation; Colorado Financial Regulator Proposes...

In April 2017, the New York Department of Financial Services (the “DFS”) released guidance on interpreting 23 NYCRR Part 500, its recently promulgated regulation that requires banks, insurance companies and other financial...more

Sprouting Activity at the NAIC

by Carlton Fields on

Various NAIC groups have planted seeds for a number of regulatory initiatives that impact life insurers. The Cybersecurity Task Force has been tilling the ground in preparation for a third draft of the NAIC Cybersecurity...more

Regulators Demand Third-Party Risk Management

by Carlton Fields on

While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated attention at insurance companies and related businesses....more

New York’s Cyber Regulation: A National Blueprint?

New York’s top banking regulator would like the state’s new sweeping – and highly detailed – cybersecurity regulation to serve as a national model for insurance companies in safeguarding their institutions from cybercrime....more

New York Sets Its Sights on Cybersecurity Weaknesses at Financial Institutions

The New York State Department of Financial Services’ (NYDFS) cybersecurity regulations went into effect March 1, 2017, and the first of the staggered implementation deadlines is quickly approaching on August 28, 2017. Touted...more

NAIC Model Cyber Law: Yet Another Regulatory Measure

The National Association of Insurance Commissioner’s (NAIC) model cybersecurity law will take center stage later this week at the group’s annual meeting in Denver. In its third draft, the Insurance Data Security Model...more

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