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Director Liability for Cybersecurity Risks

If a corporation is the target of a cyberattack resulting in a data breach, its board may be the target of a shareholder derivative action claiming breach of fiduciary duty. A recent example is Palkon v. Holmes, No....more

Cyber Risks For The Boardroom

The Recent Increase In Focus on Privacy Issues - Privacy issues have been the focus of many state efforts over the past few years. However, the SEC has increased their focus tremendously over the past few months (see...more

SEC Requires Greater Disclosure of Cyber Events

Cyber is still a relatively young risk and the various stakeholders in cyber-risk are at times, still trying to determine their particular role. This includes the officers and/or directors of companies for establishing...more

Shareholder Derivative Suit against Wyndham Worldwide Implicates D&O Coverage

A shareholder of Wyndham Worldwide Corp. (“Wyndham”) recently filed a derivative action against Wyndham’s board of directors arising out of three high profile data breaches occurring from 2008 to 2010. Dennis Palkon filed...more

Cyber Risks for the Boardroom Part 4: Coverage for Investigations

Part 4 in our continuing series: “Cyber Risks – Director Liability and Potential Gaps in D&O Coverage”: Coverage For Investigations - One of the biggest gaps in coverage in D&O coverage today is the lack of...more

Specific Steps Broker-Dealers and Investment Advisers Should Take in Response to the SEC’s Cybersecurity Initiative

On April 15, 2014 the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more

Unprecedented HIPAA Fine May Mean Increased Scrutiny and Penalties

Triple-S Management Corp. (“Triple-S”), a Puerto Rico-based health insurer, has been fined $6.8 million by the Puerto Rico Health Insurance Administration (“PRHIA”) following a Health Insurance Portability and Accountability...more

Board Oversight of Cyber Security and Cyber-Security Disclosures: Answers to Some of the Key Questions

Cyber security is top of mind for companies, and cyber-security oversight is top of mind for corporate directors. I recently co-moderated a panel discussion for directors on board oversight of cyber security and...more

Recent Study Finds Cybersecurity Disclosures May Fail To Meet SEC Guidelines

Hackers aren’t the only ones after company information. Earlier this week, Wills Fortune 500, a unit of Wills Group Holdings, a global insurance broker providing insurance and risk management services, made available its own...more

Insurance Coverage for Class Action Lawsuits

Upon learning that his obituary had been published in the New York Times, Mark Twain famously quipped, “Reports of my death have been greatly exaggerated.” The same can be said about class action lawsuit filings after the...more

House Subcommittee Approves Bill to Prevent the Federal Insurance Office and Office of Financial Research from Collecting Data...

On December 5, the Insurance, Housing and Community Opportunity Subcommittee of the House Committee on Financial Services approved H.R. 3559. 3559 addresses a sensitive issue regarding the proposed power of the Federal...more

InfoBytes, June 11, 2010 - Weekly In-depth review of news & developments in the financial services industry

Topics In This Issue • Federal Issues • State Issues • Courts • Firm News • Mortgages • Banking • Consumer Finance • Securities • Insurance • Litigation • Privacy/Data Security • Credit...more

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