Cyber Attacks

News & Analysis as of

A Close Look at Policy Wording Is Essential to Ensure Coverage for Cyber Risks

As the demand for insurance coverage for cyber-related losses continues to grow, more insurance companies are offering cyber insurance policies and endorsements, but the market is far from mature and the available policies...more

Yahoo Data Breach Update: A Third Notification + Shareholders Sue

Last week, Yahoo issued another warning to some of its customers telling them that their personal information may have been compromised in a data breach. This is the third notification to Yahoo users that their information...more

Cyberattacker Offers Access to Private Data From 60 Universities and Agencies

In February 2017, a private threat intelligence firm alerted more than 60 organizations – institutions of higher education and governmental entities – that their internal databases had been breached by a Russian-speaking...more

Sony Cyber-Attackers Lurking at Financial Supervisor “Watering Hole” Target Banks and Others

Cybersecurity specialists at BAE Systems and Symantec announced last week new evidence suggesting that the criminals behind the notorious 2014 attack on Sony Corp. are also responsible for recent cyber-attacks involving 104...more

Cybersecurity Obligations of Directors - Guidance from the United States Decisions

Your organization will in all likelihood suffer a cyberattack. According to a recent study by Accenture, the average Canadian organization faces about 96 cyberattacks per year, nearly one third of which result in a security...more

Cybersecurity 2017: The Year in Preview

Introduction - Cybersecurity was a prominent factor in 2016 in all aspects of government, business and personal affairs. Russian and other foreign national hacking has the potential to spark a new form of cold...more

Make Cybersecurity Great Again? Cybersecurity Challenges — and Opportunities — for the Trump Administration

The Trump Administration has taken office at a time when cybersecurity has increasingly entered the public consciousness as a major challenge facing both the United States government and the business community. Cyberattacks...more

TortSource: Ransomware: A Reportable Breach?

In the past several years, a huge increase has occurred in the number of electronic attacks in the United States using ransomware, a form of malware that targets and encrypts critical data and systems for the purpose of...more

Department of Energy Raises Concerns on Cybersecurity for Grid

The U.S. Department of Energy has raised serious concerns regarding cybersecurity vulnerabilities within the U.S. energy grid in its Quadrennial Energy Review. Chapter IV of the Review (which begins on its 272nd page)...more

Ransomware? Everywhere!

The definition of “ransomware” can sound pretty academic. For example, the FBI describes ransomware as “a type of malware installed on a computer or server that encrypts the files, making them inaccessible until a specified...more

Your Cyber Minute: Ransomware attacks and what you need to know [Video]

The conversation continues. Hogan Lovells Partner Harriet Pearson and Managing Principal of Hogan Lovells Cyber Risk Services Jeff Lolley address the threat around ransomware and the potential implications for companies that...more

Lack of Timely Action and Knowledge of Risk Results in $3.2 Million Civil Monetary Penalty for HIPAA Violations

Children’s Medical Center of Dallas (Children’s) was hit with a $3.2 million civil penalty from the U.S. Department of Health and Human Services, Office for Civil Rights (OCR) for failing to take steps to properly protect...more

Eighth Circuit Vacates Data Breach Class Action Settlement; Gently Rebukes Trial Court

Target Corporation announced a data breach in 2013, which occurred, as it noted in an SEC filing, when “an intruder stole certain payment card and other guest information from [its] network.” Estimates as to the number of...more

CFOs Identify Cyber-Attacks as One of their Top Operational Risks

FM Global and CFO Research Services have partnered together and recently issued a study titled “Finance’s Role in Operational Risk Management: CFO Research on Building a Resilient Company.” ...more

Business Cybersecurity: Two Recent Court Decisions Highlight the Need to Take Preemptive Action Against Data Breaches

Nowadays, the prudent business owner should be cognizant of cybersecurity and the public relations and legal costs that can arise from a data breach. By holding personal information of customers, employees, or anyone else,...more

Insurance When the Internet Goes Down

Business interruption coverage is now a staple of many companies’ insurance programs. One of the “optional” first-party property coverages included in standard property policies, it is intended to compensate companies for...more

Eighth Circuit Remands Proposed Settlement in Target Data Breach Class Action

The Eighth Circuit Court of Appeals has remanded a $10 million settlement in the Target data breach class action on the grounds that the district court had not rigorously analyzed the propriety of the class...more

The Risks and Implications of Failing to Comply with U.S. Government Cyber and IT Requirements

This article summarizes some of the many risks and implications that are associated with failing to comply with U.S. government-unique cyber and information technology requirements. We are often asked by small and...more

What Privacy Counsel Can Learn from the Unclassified Intelligence Report on Russian Activities and Intentions

Civilian privacy officers and counsel have a rare opportunity following the publication of the January 6, 2017 report from the Office of the Director of National Intelligence, commissioned by Former President Obama, regarding...more

Yahoo! Data Breach Results in Another Lawsuit Against Corporate Directors and Officers

A number of claims have been made against companies’ directors and officers alleging a breach of fiduciary duty for failing to adequately oversee data security programs. To date, the defendants’ oversight of the programs and...more

Will the Proposed “Countering Russian Hostilities Act” Stop Russian Cyberattacks?

On Jan. 10, 2017, a bipartisan group of five Republican and five Democratic senators announced their support for the Countering Russian Hostilities Act of 2017. Lindsey Graham, one of the senators who announced the proposed...more

6 Things to Know About Cyber Liability Insurance

Are you covered? Here are 6 things to know about cyber liability insurance (also known as data breach insurance): Coverage is still evolving. Over 60 insurance companies – maybe more – offered such a policy; however,...more

NIST Updates Cybersecurity Framework Guidance

In the past month, the National Institute of Standards and Technology (NIST) has issued a draft update to its flagship cybersecurity framework as well as new standalone guidance on how organizations can plan to recover from...more

Cyber-physical Attacks on Critical Infrastructure: What’s Keeping Your Insurer Awake at Night?

Cyber-physical attacks on critical infrastructure that have the potential to damage those physical assets and to cause widespread losses to third parties are keeping your insurer awake at night. A cyber-physical attack on...more

Cancer Services Provider Confronts Ransomware Bully

My newest hero in the fight against ransomware is Little Red Door Cancer Services of East Central Indiana (Little Red Door). I am sending a donation to it to celebrate its courage in the last few weeks. Little Red Door...more

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