News & Analysis as of

Insurance General Business Science, Computers & Technology

Read Insurance Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

Insurance and blockchain: What policyholders need to know

Distributed Ledger Technology, commonly referred to as “blockchain,” is a secure way for companies and individuals to share information without third-party oversight. Blockchain decentralizes electronic record-keeping so...more

New York Department of Financial Services Updates Cybersecurity Guidance: Coverage of Cybersecurity Requirements Addressed in 4...

On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more

CGL Coverage for Cyber Data Breaches: Court Finds No Coverage unless the Policyholder Itself Publishes the Private Information

by Blank Rome LLP on

As cybersecurity incidents continue to mount and as the issue of data security becomes increasingly important and a source of potential liability, companies should consider whether their standard commercial general liability...more

A guide to NYDFS Cybersecurity Regulation's March 1 implementation deadline

by Hogan Lovells on

It’s been almost a year since the New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect. Since that time, a series of key dates have marked the implementation of...more

New York Financial Services Cybersecurity Regulations Deadline Looming This Week

On March 1, 2018, the one year transition period within which banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (“Covered Entities”)...more

Cyber FICO Ratings Could Benefit Insurance Underwriting in Multiple Ways

Nearly 30 years ago the Fair Isaac Corporation (“FICO”) first introduced its metric for measuring creditworthiness. Since then, the FICO Score has become a default metric used by countless market participants to facilitate...more

Recent Conference Highlights Cyber Risks and How to Protect Against the Same

On February 13-14, 2018, Advisen held a conference focused on exploring cyber risks and how companies can best move to address potential exposures. Below are key takeaways and trends discussed by the panelists....more

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

by Robinson & Cole LLP on

On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Cybersecurity and Insurers

Whether it is a data breach of a corporation's computer systems or alleged hacking by foreign governments, Cybersecurity and Privacy issues seem to bombard us daily. As counsel for insurance companies, it is important to stay...more

Understanding cyber insurance risks of target companies

Due to the dramatic increase and changing nature of cyber risks, mergers and acquisitions due diligence should expand to address cyber risks, available risk mitigation practices, and available insurance. Acquiring companies...more

Insurers: Are You Ready for More Cybersecurity Regulation? The National Association of Insurance Commissioners Model Law

At the end of last year, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. The “purpose and intent” of the law is to “establish[] standards for data security and...more

2018 Allianz Risk Barometer Highlights Business Interruption and Cyber as Two Most Important Risks of New Year

Allianz’s yearly survey of nearly 2,000 risk experts from 80 countries highlights business interruption and cyber incidents as the top two major threats for companies through 2018 and beyond. Forty-two percent of responses...more

DFS Filing “Reminder” as Deadline Looms

For the several thousand financial institutions and insurance companies covered by New York’s landmark data security regulation, the first certification of compliance must be filed with the State’s Department of Financial...more

Latin America year in review 2017

by DLA Piper on

Our Latin America practice has exceeded even our own ambitious objectives in 2017, with our client service footprint reflecting the strongest economic features of the region: finance, life sciences, energy and mining,...more

Countdown to the First Annual New York DFS Cyber Regulation Certification

On February 15th, organizations subject to the New York Department of Financial Services Cybersecurity Regulation are required to submit their first annual certification attesting to their compliance with the state’s new data...more

When Innovation Meets Regulation - The Effect of InsurTech on Insurance Rebating Laws

by Carlton Fields on

The rise of InsurTech — which brings technological innovations to the business of insurance — has recently had a significant impact on the insurance industry, including through advancements in cybersecurity tools, the...more

The Ghosts of Christmas Past, Present, and Future Haunt Insurers’ Use of Big Data and Algorithmic Tools

by Carlton Fields on

Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more

Regulators Continue to Scrutinize Initial Coin Offerings

by Carlton Fields on

As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more

IVASS provides instructions to insurance intermediaries for preventing cyber risks

by Hogan Lovells on

IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new...more

CGL Policies And Data Breaches: No Publication, No Coverage

by Carlton Fields on

As cyber hacking and phishing schemes become more common, one issue that is often raised is whether, and to what extent, damages resulting from these incidents fall within the coverage afforded under a standard commercial...more

NAIC’s Model Law Opens Door for State Data Security Standards

by Pessin Katz Law, P.A. on

There appears to be no stopping the continued breathtaking pace of cyberattacks as we head into 2018. In 2017, the Equifax data breach exposed the nonpublic information of over 140 million consumers; there were allegations...more

What You Need to Know About Cyber Extortion Insurance Coverage

by K&L Gates LLP on

Cyber extortion and ransomware attacks made headlines across the globe this summer. In May, the WannaCry virus infected hundreds of thousands of computers worldwide. In June, the NotPetya ransomware attack shut down hundreds...more

Compliance With New York’s Cybersecurity Regulation 23 NYCRR Part 500

On March 1, 2017, New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective. The regulation is the first of its kind in the nation and requires certain companies, including banks, insurance companies and other...more

474 Results
View per page
Page: of 19

Follow Insurance Updates on:

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.