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

Senate Creates Cybersecurity Caucus

On June 14, 2016, Senators Mark Warner (D-VA) and Cory Gardner (R-CO) announced the creation of the Senate Cybersecurity Caucus to help coordinate cybersecurity efforts across Senate committees and keep lawmakers and staffers...more

Is The Most Frightening Cyber Trend Numbness Leading to Complacency?

Today’s new cyber world necessitates protection of what is most important to you. The cyber landscape continues to change on a near daily basis and shows no signs of slowing. K2 Intelligence’s Jeremy Kroll and Austin...more

First home cyber protection insurance offered by Hartford Steam Boiler

The Hartford Steam Boiler Inspection and Insurance Company has announced that it is offering “the first personal lines cyber insurance program for consumers, protecting against computer attacks, cyber extortion, online fraud...more

Russian Intelligence Breaches Democratic National Committee Servers

Last week saw the announcement of yet another high-profile network breach. On June 14, 2016, the press reported that hackers had penetrated the Democratic National Committee’s (“DNC”) network for nearly a year. Most notably,...more

DHS and DOJ Release Updated Guidance for Sharing Cyber Threat Indicators and Defensive Measures

On June 15, in response to feedback from non-federal entities on guidance released in February, the Departments of Homeland Security (DHS) and Justice (DOJ) issued updated guidance for companies about sharing cyber threat...more

Financial Regulatory Developments Focus - June 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

NAIC Cybersecurity Task Force Weighs Credit Freezes

On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more

EIB Energy Highlights: Nat Gas Outpowers Coal, NC Renewables, CPP En Banc, Fed Energy Bill Awaits Conference & More

Natural Gas-Fired Electricity Generation to Exceed Coal-Fired Generation in 2016: The EIA recently projected that for the first time, on an annual basis, natural gas will exceed coal as a fuel for electric power generation in...more

Data Breaches Response Costs Continue to Rise

SEC Chair Mary Jo White recently opined that cyber security is the biggest risk facing the United States financial system. Companies should take heed of that warning in light of the release of the 2016 Cost of Data Breach...more

Updated Guidance on the Cybersecurity Information Sharing Act of 2015

Action Item: On June 15, 2016, the U.S. Department of Homeland Security (“DHS”) and the U.S. Department of Justice (“DOJ”) jointly issued a notice announcing the availability of the Cybersecurity Information Sharing Act of...more

SEC’s IT Security Under Attack as It Attacks Others

The inspector general (IG) of the U.S. Securities and Exchange Commission (SEC) reported last week that the SEC has not sufficiently implemented information technology security upgrades in order to protect highly sensitive...more

DSS Revises Cybersecurity Requirements for Contractors Handling Classified Information

On May 18, 2016, Department Security Service (DSS) recently approved Change 2 (Change 2) to the National Industrial Security Program Operating Manual (NISPOM). Change 2 significantly revised Chapter 8 of the NISPOM relating...more

“Interim” No More: DHS and DOJ Publish Final CISA Guidance on Cybersecurity Sharing

The Department of Homeland Security (DHS) and the Department of Justice (DOJ) have issued the long-awaited final procedures for both Federal and Non-Federal Entities under the Cybersecurity Information Sharing Act (CISA)...more

They Will Click: Cybersecurity and the Human Factor

Cybercrime cost the world economy about $445 billion in 2014 and the 2015 numbers will be even higher. The cost of data breaches will reach $2.1 trillion globally by 2019. Worldwide spending on information security is...more

Employment Law Navigator – Week in Review: June 2016 #3

Last week, cybersecurity was a big issue. Fortune reported that the average cost of a data breach is $4 million, and Inc. explained that even mom-and-pop shops can be victims of a hack. HR Examiner framed the discussion a...more

Health Care E-Note - June 2016

In an effort to review and examine compliance with the Health Insurance Portability and Accountability Act of 1996 and its implementing regulations ("HIPAA"), the Department of Health and Human Services Office for Civil...more

Raytheon/Ponemon survey confirms companies wait until an event to hire a data security vendor

The results of a Raytheon commissioned Ponemon study released on June 7, 2016 shows that at least two-thirds of businesses wait until they have experienced a cyber-attack or data breach to hire and retain security vendors to...more

Cybersecurity and Data Privacy: FBI Issues Public Service Announcement About Recent E-Mail Scam Targeting Businesses (6/16)

On June 14, 2016, the Federal Bureau of Investigation (FBI) issued a public service announcement relating to a recent surge in ‘business e-mail compromise’ (BEC) scams, which are sophisticated scams that target businesses...more

Will Privacy Enforcement Actions Impact “Reasonable” Security Measures Needed to Protect Trade Secrets?

In widely-publicized, contested privacy cases last year, the FTC advocated in favor of a high baseline for information security measures.  Among the security practices attacked by the FTC as critical mistakes by companies...more

Financial Services Weekly News - June 2016 #3

Regulatory Developments - OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran - On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more

Morgan Stanley Fined $1 Million by SEC for Cybersecurity Violations

The SEC has taken a new enforcement action, demonstrating its expectations of industry and the willingness to use the variety of tools at its disposal to address concerns with cybersecurity previously signaled by an...more

Chinese Leftovers: P.F. Chang’s Not Entitled to $2 Million in Breach Costs

In what is thought to be the first published decision in a cyber insurance coverage case, popular Chinese restaurant chain, P.F. Chang’s, was denied coverage for certain costs incurred as a result of a 2014 data breach....more

Another popular car broken into by security researchers

We have kept abreast of the security vulnerabilities of cars that have been exposed by security researchers. This time, researchers are asking Mitsubishi to recall approximately 100,000 Outlander hybrid vehicles as they were...more

Illinois Joins the Fray: Strengthens its Laws Around Data Breach Notification and Data Security

Sophisticated phishing scams and muscular hacking efforts continue to compromise personal and sensitive information held by insurers, hospital systems, and businesses large and small. In response, many states have...more

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