News & Analysis as of

Cyber Insurance: A Last Line of Defense When Technology Fails

As cyber risks increase, specialized insurance policies can protect companies, but only if those policies are appropriately tailored and negotiated. Daily news headlines reveal the escalating, and costly, problem of...more

Agencies Issue Denial of Service Guidance and Guidance on ATMs

On April 3, the members of the Federal Financial Institutions Examination Council (FFIEC), including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...more

SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks

On March 26, the Securities and Exchange Commission hosted a roundtable discussion on various cybersecurity topics. Participants at the roundtable included representatives from the federal government, self-regulatory...more

Law Firms Are Prime Information-Security Targets

Law firms do not hold special immunity from the threat of cybercriminals. In fact, law firms should be extra vigilant, considering the breadth of sensitive client information they often possess regarding corporate...more

You're Not Immune: Hackers Target Health Care Providers Of All Shapes & Sizes

For health care providers, exposure to cyberattacks is becoming a stark reality. Findings in a recently released Health Care Cyberthreat Report by cybersecurity leaders confirmed the health care industry's vulnerabilities for...more

Corporate and Financial Weekly Digest - Volume IX, Issue 13

In this issue: - SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks - Proposed Changes to FINRA Classification of Hybrid Securities for Trade Reporting Purposes - FINRA...more

Windows XP Use May Violate HIPAA Starting April 8, 2014

If you use Windows XP on April 8, you will be easily susceptible to cyber-attacks and violations of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”)....more

Cybercrime Loses Its Right to Silence

In 2012, the director gen¬eral of MI5 revealed that a London-listed company had lost £800 million as a result of a state-backed cyber at¬tack. The company in question has not been publicly identified and no disclosures were...more

Have You Asked All The Right Questions?

In a recent alert, we outlined potential risks businesses face in the wake of cyber security threats as a result of inadequate data protection. 2013 had the highest number of recorded data breaches in over a decade....more

California Attorney General Urges Companies to Be Prepared for Cyber Attacks and Security Breaches

Kamala Harris, California's Attorney General, issued a set of recommendations for preventing and responding to cyber attacks and security breaches. The recommendations, called Cybersecurity in the Golden State, are directed...more

PlayStation Problems: No Defense in Sony’s Cyberattack Suits

On February 21, 2014, a New York state trial court judge ruled that Zurich American Insurance Company has no duty to defend the Sony Corporation in lawsuits relating to a 2011 cyberattack on its PlayStation network. This...more

New Report on PCI-DSS Compliance Finds Room for Improvement

Data breaches are increasingly common, with an estimated $11 billion in global credit-card fraud in 2012 alone. Yet according to a new report, many organizations still fail to take the necessary security measures to prevent...more

How to Secure Information Systems: The Growing Complexity of the Legal Landscape

While businesses take a more cautious approach to how they handle IT security threats, these are becoming increasingly complex and sophisticated. Denial-of-service attacks, software tampering (e.g. computer viruses and Trojan...more

Cyber-insurance: Mitigating the dreaded Friday night phone call - In order to maximize coverage, companies need to make a claim...

Every in-house counsel dreads the telephone call on a Friday evening that starts with the words “I’m glad I found you.” That’s especially true if that telephone call informs the in-house counsel about the newly terminated IT...more

“Sophisticated” Breach Exposes 300,000 Student Records at University of Maryland: 3 Questions You Should Ask

Officials at the University of Maryland (“University” or “UMD”) announced that UMD was the victim of a significant security breach that took place on Tuesday, February 18 (the “Breach” or “Incident”). The Incident,...more

Winter 2014 Federal Copyright and Trade Secret Legislation Update

Several bills under consideration in the 113th Congress would establish or significantly amend certain federal statutes related to the protection, enforcement, and exploitation of trade secrets or copyrights. Some legislation...more

Don’t Be A Target: Mitigating Liability From Cyber Attacks

During the holiday season, Bullseye, a big box retailer, was the victim of a cyber attack that compromised the credit and debit card information (including PIN and CVV codes) of nearly 40 million of its customers. The attack...more

Cyber Espionage And Insurance Coverage

In the United States alone, it is estimated that the cost of “[c]yber-espionage and other malicious cyber crimes...[i s] between $24 billion and $120 billion annually.” In 2008, the U.S. Department of Defense’s classified...more

FINRA Conducting Cyber-Security Sweep Exam

Reacting in part to recent data-breaches and cyber-attacks on larger retailers, the Financial Industry Regulatory Authority (“FINRA”) is conducting a targeted examination of some 20 broker-dealer member firms’ compliance and...more

Capital Thinking: Cybersecurity

Data Breach Issues - Last week, three Congressional Committees – the House Energy and Commerce Committee, Senate Banking, Housing and Urban Affairs Committee, and the Senate Judiciary Committee – held hearings that...more

Big Box Data Breaches

2013 was a difficult year for retailers with respect to an increase in cyber attacks seeking customer data, culminating in a number of high profile attacks during the busy year end holiday season. Many retailers are now...more

House Energy & Commerce Subcommittee Holds Hearing on Data Security

On February 5, the House Energy & Commerce Subcommittee on Commerce, Manufacturing and Trade held a hearing titled “Protecting Consumer Information: Can Data Breaches Be Prevented?” The hearing follows two consecutive Senate...more

How to Protect Your Company From Security Threats: Proven Template and Policy and Procedure Software

IT security is a complex business function that’s often lacking in many businesses. One of the most common elements that’s outdated or missing altogether is a set of comprehensive security policies that people actually know...more

Target Data Breach: Dangerous Credit

In December, retail giant Target Brands, Inc. revealed it had suffered a data breach affecting approximately 40 million customers across the country. The breach occurred between November 27 and December 15 of last year....more

Assessing Cyber Threats - The Blind Spot Between Perception and Realty

A recent survey by the Ponemon Institute entitled, “Cyber Security Incident Response: Are We as Prepared as We Think?,” suggests that many companies lack the mechanisms to meaningfully address cyber risk. Among the survey’s...more

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