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NAIC Adopts Insurance Data Security Model Law

by Morgan Lewis on

On October 24, 2017, during a joint meeting of the National Association of Insurance Commissioners (NAIC) Executive (EX) Committee and Plenary, the NAIC officially adopted the Insurance Data Security Model Law (Model Law) to...more

Is Your Business Insured Against A Cyber Attack?

by Partridge Snow & Hahn LLP on

Your business has insurance coverage for flood and fire damage. You are protected if an employee gets into a car accident. But are you covered for a cyber attack?...more

Cyber Claims in Mexico: A Reactionary Evolution of an Insurance Sector

by Zelle LLP on

In the wake of numerous cross-border, well-publicized cyber-attacks, cyber-insurance has quickly become a hot issue. This area has also become a trending topic because of the abrupt and quick need for response in a generally...more

Cyber Insurance: Prevalent But By No Means Ubiquitous

A recent survey from the credit score company FICO has some interesting numbers on the prevalence of cyber insurance in the US. ..50% of US companies have no cyber insurance. ..74% of US healthcare companies have no cyber...more

Anthem Agrees to Pay Over $100 Million to Settle Data Breach Lawsuit: Cybersecurity Trends

by CloudNine on

One of the most notable data breaches in recent years was the one suffered by health insurer Anthem involving the personal information of nearly 80 million individuals. It looks like they are going to pay up big to make the...more

WannaCry, Adylkuzz, and Cyber Breach: How to Maximize Insurance Coverage in the Event of Cyber Attack

by King & Spalding on

The worldwide hack that surfaced on May 12—known as “WannaCry”—wreaked havoc on hundreds of thousands of computers across the globe and is one of the biggest ransomware hacks the world has ever experienced. The U.K.’s...more

New York stiffens data protection regs

by Thompson Coburn LLP on

New York has once again positioned itself as a leader among states by recently implementing one of the most detailed and stringent data security regulations to date. It should come as no surprise that New York is a prime...more

New York's Far-Reaching Cybersecurity Law Takes Effect March 1 - Are You Ready?

by Fisher Phillips on

New York’s Department of Financial Services Cybersecurity regulation became effective March 1. According to the press release issued with the regulation, the regulation is intended to require banks, insurance companies and...more

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

New York State Department of Financial Services Modifies Proposed Cybersecurity Regulations and Pushes Implementation Date Back to...

On Dec. 28, 2016, the New York State Department of Financial Services (NYDFS) published a revised version of its “Cybersecurity Requirements for Financial Services Companies” (the “Regulations”). The revised Regulations...more

"Privacy & Cybersecurity Update - December 2016"

In this month's edition of our Privacy & Cybersecurity Update, we examine modifications to New York state's proposed cybersecurity regulations for financial institutions, a 5th Circuit ruling that a phishing scam is not...more

Federal Insurance Office Report Highlights Consumer Protection Issues Raised by Big Data, Cyber Risks

On November 21, 2016, the Federal Insurance Office (FIO) issued its first ever annual Report on the Protection of Consumers and Access to Insurance (Report). The Dodd-Frank Wall Street Reform and Consumer Protection Act of...more

What GCs Need to Know About EPLI

by Zelle LLP on

This is the fifth in our series of posts for general counsel and the HR professionals who support them. As we have noted previously, GCs are responsible for a lot but may not have time to become an expert on everything. These...more

Unpacking New York’s Cybersecurity Regulation: Part 1 in a 3-Part Series

This is the first installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation. The Patterson Belknap Privacy and Data Security Team has studied the...more

Consider Cyberliability and Network Business Interruption Insurance Coverage in Light of Recent DDoS Internet Attack

by Reed Smith on

The October 21, 2016 DDoS attack on the internet’s domain name system infrastructure underscores the need to consider cyberliability insurance coverage as a critical component of your company’s security and privacy breach...more

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

Cybersecurity Requirements Proposed for New York Financial Companies

by Snell & Wilmer on

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

New Economy Businesses Need New Insurance: Can the Insurance Industry Keep Up?

by JD Supra Perspectives on

The sharing economy and new technology innovations have disrupted the traditional underwriting and risk assessment models....more

New York DFS Announces New Proposed Cybersecurity Regulations

by Bracewell LLP on

On September 13, 2016, the New York State Department of Financial Services (“DFS”) released proposed cybersecurity regulations for financial institutions.1 When the regulations become effective, they will make New York the...more

NAIC Task Force Releases Revised Draft Insurance Data Security Model Law

On August 17, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) released for comment a revised draft Insurance Data Security Model Law (the Model Law). This Model...more

NAIC Task Force Continues Work on Insurance Data Security Model Law

On May 24 and 25, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) hosted a meeting in which state insurance commissioners and interested parties were invited to...more

Employment Law Reporter - May 2016

by Ervin Cohen & Jessup LLP on

The Age of The Data Breach : The Top 5 Best Practices - What will you do? We live in The Information Age. Increasingly, business success depends on the ability to obtain, maintain and intelligently utilize increasing...more

Target’s Cyber Insurance: A $100 Million Policy vs. $300 Million (So Far) In Costs

When it comes to buying cyber insurance, businesses can take comfort that they have mitigated the financial risks that come with a data breach. Just not all of them. Target Corporation’s high-profile hack is a case in...more

Preparing For and Responding To Data Breaches (Presentation)

by Dechert LLP on

While companies may be aware of the threats posed to their businesses by a data breach, they should also have a concrete plan in place so that they can respond effectively should one occur. In a recent webinar, attorneys from...more

Q&A with Matt Field on Cyber Liability Insurance

by Sullivan & Worcester on

In January, we hosted an event with the Northeast Chapter of the Association of Corporate Counsel (ACC) on cyber security. Matt Field, an a cyber insurance expert, participated on the panel, and we are thrilled to offer you a...more

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