Cybersecurity

Cybersecurity is a term used to describe methods and systems for protecting sensitive information in the electronic sphere. As more financial, business, and personal information becomes exclusively maintained and... more +
Cybersecurity is a term used to describe methods and systems for protecting sensitive information in the electronic sphere. As more financial, business, and personal information becomes exclusively maintained and stored electronically, the risks of attacks, leaks, and disclosures become more pronouced. The concept of Cybersecurity encompasses a broad array of issues, including governmental regulations to ward off cyber terrorists, industry data collection and maintenance practices, and consumer advocacy to ensure the privacy of individuals' personal and medical information.     less -
News & Analysis as of

SEC’s Division of Investment Management issues new Cybersecurity Guidance

There’s certainly no shortage of media attention on data security breaches lately, and there’s a good reason for that: such breaches are at an all-time high. Against this backdrop of the ever-increasing risk of malicious...more

Hackers seek to access intellectual property assets of higher educational institutions

College and universities, like many other businesses and organizations, defend against millions of cyberattacks each day. Most recently, Penn State’s College of Engineering discovered a multi-year long cyberattack seeking...more

FTC sued by blogger to release data security guidelines

The Federal Trade Commission (FTC) was sued this week by Philip Reitinger, a fellow blogger and former Deputy Undersecretary of the Department of Homeland Security. He is now President of VisionSpear LLC, an information...more

CareFirst Suffers Cyberattack, Data Breach of 1.1 Million Customers’ Information

BREAKING NEWS: Health insurer CareFirst BlueCross BlueShield disclosed today that hackers gained access to one of its databases, exposing personally identifiable information for approximately 1.1 million people....more

Insurance Recovery Law - May 2015 #2

Recent Lawsuit Underscores Critical Lessons for Purchasers of Cyber Insurance - Why it matters: Columbia Casualty Company v. Cottage Health Systems was filed on May 7, 2015, in the Central District of California. Cottage...more

Nevada Broadens Definition of Personal Information for Purpose of Encryption and Breach Notices

On May 13, Nevada passed a new law (A.B. 179) expanding the definition of “personal information” to include a natural person’s first name or initial and last name in combination with: 1) medical and health insurance...more

FDIC Chairman Discusses Role and Current Challenges Facing Community Bank Directors

On May 12, FDIC Chairman Martin Gruenberg delivered remarks at the American Association of Bank Directors (AABD)-SNL Knowledge Center Bank Director Summit. In his prepared remarks, Gruenberg discussed, among other things, (i)...more

Also In the News - Data, Privacy, & Security Practice Report - May 2015

ONC Releases Updated Guide To Privacy And Security of Electronic Health Information ? The Office of the National Coordinator for Health Information Technology (“ONC”) recently released Version 2.0 of the Guide to Privacy and...more

Recent Lawsuit Underscores Critical Lessons for Purchasers of Cyber Insurance

Columbia Casualty Company v. Cottage Health Systems, No. 2:15-cv-03432, was filed on May 7, 2015 in the Central District of California. Cottage Health is one of the first cases nationwide—if not the first case—in which the...more

House subcommittee considers reliability draft

A congressional committee is considering legislation to assure reliability and security of the U.S. electricity grid. The House Subcommittee on Energy and Power's discussion draft includes a series of provisions designed to...more

Privacy Laws in Asia - May 2015

Privacy legislation in Asia has been extremely active in the past few years, and the level of activity and enforcement does not show any signs of slowing down. Eleven jurisdictions in Asia now have comprehensive privacy laws:...more

PCI SSC Releases Version 3.1 of Data Security Standard

On April 15, 2015, the Payment Card Industry Security Standards Council (the “PCI SSC” or “Council”) released a new version of its Data Security Standard (“PCI DSS”), version 3.1, which contains numerous updates including,...more

CNA Denies Cyber Insurance Claim

Key takeaway: The insurance applications and underwriting questionnaires prepared in connection with cyber insurance do matter. Cyber security, and cyber insurance, have dominated the industry headlines for several...more

Cyber Resilience for Financial Services Entities

In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities...more

To Err Is Human; to Indemnify, Divine?: Human Foibles in the Cloud

BakerHostetler’s inaugural Data Security Incident Response Report (the “Report”) concluded that employee negligence and theft were two of the top five causes of data security incidents for the more than 200 incidents that we...more

Florida Enacts Law Providing for Civil Remedy Against Cyber Fraud and Abuse

On May 14, Florida Governor Rick Scott signed the Computer Abuse and Data Recovery Act (CADRA) into law. CADRA is intended to provide a remedy to businesses for harm or loss caused by unauthorized access to protected...more

The DOJ’s New Cyber Security Best Practices — Creating a Standard of Care?

On April 29, 2015, the U.S. Department of Justice Computer Crime and Intellectual Property Section (“DOJ”) issued version 1.0 of its “Best Practices for Victim Response and Reporting of Cyber Incidents.” It draws on “lessons...more

Cybersecurity: Integral to Overall Risk Management for Insurers and TPAs

Recent data breaches have brought cybersecurity to the attention of insurance companies, and serve as a reminder to third party administrators ("TPAs") that cybersecurity issues are a serious compliance and regulatory...more

Cybersecurity Oversight: What is a Board of Directors to Do?

Cybersecurity and the risks of data breaches figured prominently at the 35th Annual Ray Garrett Corporate and Securities Law Institute held April 30, 2015, at Northwestern Law School in Chicago. Participating in a panel...more

World War C: Cyber Warfare

State-sponsored hacking occurs when a country funds cyber hacking organizations or groups in order to infiltrate a company’s or government’s cyber system for the sole purpose of stealing personal/sensitive information in the...more

The DOJ’s Cyber Incident “Best Practices” Guidance

The Cybersecurity Unit of the U.S. Department of Justice released in April its “Best Practices for Victim Response and Reporting of Cyber Incidents,” which it says reflects “lessons learned by federal prosecutors while...more

Nevada Expands Definition of PI for Purposes of the State’s Breach and Safeguards Laws

Nevada’s recently amended law will, among other things, create the first state mandate to encrypt online account credentials. Specifically, on May 13, 2015, Nevada Governor Sandoval approved a bill (“AB 179”) to expand the...more

State AGs’ Interest in Privacy and Cybersecurity – No End in Sight – REDUX (or, if you prefer, we told you so…)

Reed Smith has been closely following the interest and activities of State AGs in the areas of privacy and cybersecurity, and recently blogged on a major NAAG (National Association of Attorneys General) conference in April on...more

Court Dismisses Data Breach Class Complaint For Lack Of Standing - May 2015

On May 4, 2015, the U.S. District Court for the Eastern District of Louisiana held that a putative class plaintiff lacked standing to pursue claims against eBay Inc. (“eBay”) arising out of a data breach that occurred in...more

U.S. SEC Division of Investment Management Issues Cybersecurity Guidance

The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) issued a Guidance Update on April 28, 2015 (Guidance) relating to the cybersecurity of registered investment companies and...more

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