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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

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

Privacy & Cybersecurity Update - December 2017

In this month's edition of our Privacy & Cybersecurity Update, we discuss the Article 29 Data Protection Working Party's critique of the Privacy Shield and the Sixth Circuit's decision to consider the issue of computer fraud...more

New York DFS Cybersecurity Regulation Update: Lots Left To Do

by Locke Lord LLP on

Insurers and producers, banks, lenders and others licensed by the New York Department of Financial Services (DFS) have already had to comply with several of the requirements of the new DFS Cybersecurity Regulation, but for...more

Why Arbitration Clauses May Make Sense in Cyber Insurance Policies

by JAMS on

I. INTRODUCTION - Arbitration tends to work best when both parties buy into the process from the beginning. Alternatively, the process often works poorly when one party feels that arbitration was imposed on them. In the...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

Equifax Lax About Hacks, Says Shareholder Lawsuit

by Locke Lord LLP on

In early September, Equifax disclosed a now well-known data breach that ultimately affected a reported 146 million customers in the United States. The breach allegedly occurred in May 2017, as a result of an online security...more

Developing Cybersecurity Requirements in Banking, Insurance and Other Financial Services

by Locke Lord LLP on

The financial services industry has been dealing with requirements for cybersecurity since 1999, but 2017 brought new, significant, and proliferating obligations. The bar for the whole industry was clearly raised by the...more

Are We Covered by the EU GDPR? A Warning for U.S.-Only Businesses

by Locke Lord LLP on

All U.S. insurers need to pay attention to the new and comprehensive EU-wide privacy law known as the General Data Protection Regulation (GDPR), which takes effect on May 25, 2018. With its greatly expanded compliance...more

Insurance Commissions Approve Data Security Model Law

The National Association of Insurance Commissioners (NAIC) has approved its draft of the Insurance Data Security Model Law (Model Law) via a meeting of its Executive and Plenary Committees. This important development follows...more

Insuring Autonomous Vehicles in the Fabulous New

by Bennett Jones LLP on

In Blade Runner 2049, Nexus-9 replicant Luv asks the LAPD’s Lieutenant Joshi, “In the face of the fabulous new your only thought is to kill it? For fear of great change? You can't hold the tide with a broom.”...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

NAIC Adopts Insurance Data Security Model Law

by Wilson Elser on

On October 24, 2017, the National Association of Insurance Commissioners (NAIC) adopted the Insurance Data Security Model Law. The NAIC is the U.S. standards-setting and regulatory support organization created and governed by...more

Cyber Insurance: Managing Your Cyber Liability and Avoiding Coverage Gaps

by Hogan Lovells on

Mark Goodman is a partner in our San Francisco office. In this hoganlovells.com interview, he addresses the need for companies to manage their cyber risk and the role that insurance plays in an organization’s overall risk...more

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber...

by Hogan Lovells on

In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can...more

National Association of Insurance Commissioners Issues Insurance Data Security Model Law

• NAIC recently adopted an Insurance Data Security Model Law that follows the risk assessment-based approach of the New York DFS Cybersecurity Regulation. This signals the growing influence of the New York Regulation,...more

Beware the Fine (Thumb) Print: Insurance Coverage for Class Actions Under the Illinois Biometric Information Privacy Act, and...

by Reed Smith on

Since July 2017, national, regional and local businesses operating in Illinois have been hit with a virtual storm of class actions under the Illinois Biometrics Privacy Act (“BIPA”), 740 ILCS 14 et seq. BIPA regulates how...more

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

Bay Area Conference Sheds Light on Emerging Cyber Insurance Considerations

On October 11, 2017, the National Association of Insurance Commissioners and the Stanford Cyber Initiative held a joint conference on various topics related to cyber insurance. Below are key takeaways and hot topics discussed...more

‘Tis the Season . . . for Insurance Model Laws

by Faegre Baker Daniels on

They seem to come earlier every year, don’t they? Grab your seasonally spiced latte and huddle around the bonfire to read the final version of the Insurance Data Security Model Law (Data Security Model) adopted by the...more

Beware the Fine (Thumb) Print: Insurance Coverage for the Storm of Class Actions Under the Illinois Biometric Information Privacy...

by Reed Smith on

Since July 2017, national, regional and local businesses operating in Illinois have been hit with a virtual storm of class actions under the Illinois Biometrics Privacy Act (“BIPA”). BIPA regulates how businesses may record...more

NAIC Insurance Data Security Model Law – States Are Next

by Carlton Fields on

On October 24, the National Association of Insurance Commissioners (NAIC) Executive (EX) Committee and Plenary granted final approval to Version 6 (with technical corrections) of the Insurance Data Security Model Law (Model)....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

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Cybersecurity

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