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Science, Computers & Technology Privacy Insurance

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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

Increased FTC Enforcement Highlights Need for Cyber-Regulatory Coverage

Regulatory components to cyber insurance policies are becoming increasingly valuable as data-breach enforcement continues to surge. The Federal Trade Commission (FTC or Commission), the nation’s primary privacy and data...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

Do Your Cyber and D&O Policies Cover Emerging Exposures Arising Out Of The New NYDFS Cybersecurity Regulations?

by King & Spalding on

March 1, 2018 will mark one year since the effective date of the New York Department of Financial Services’ (“NYDFS”) cybersecurity regulations, which may signal a trend towards stricter industry-specific regulatory oversight...more

NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

by Locke Lord LLP on

As previously warned, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered...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

State Ahead: The NAIC’s Plan for Staying Ahead of a Rapidly Evolving Industry

by Locke Lord LLP on

On February 7, the NAIC released “State Ahead,” the organization’s strategic plan for the next three years. Michael F. Consedine, NAIC CEO, stated that “an important part of State Ahead is making the organization more nimble...more

Aetna $17.2 Million Breach Settlement Brings Lessons for Handling Health Data

by Hogan Lovells on

Aetna will pay almost $17.2 million to settle a federal class action lawsuit stemming from a 2017 mailing that disclosed the HIV status of health plan members. ...more

Three Practical Considerations When Evaluating Your Cyber Extortion Coverage

by K&L Gates LLP on

Cyber crime has increased significantly over the past several years, with no indications that the annual increases will stop or even slow down. Many analysts predict that global ransomware “damages” will exceed $5 Billion in...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

Cybersecurity Reminder and Heads Up from NY DFS: File Cybersecurity Reg Compliance Certificates, and Prepare for Cybersecurity...

by Locke Lord LLP on

A press release issued by the New York Department of Financial Services on January 22, 2018 reminds Covered Entities (including banks, insurers and producers, and others regulated by DFS) of their obligation to file a...more

The North Korea Gap in Your Cyber Insurance

by Newmeyer & Dillion LLP on

North Korea was recently identified as the powerhouse behind the WannaCry ransomware attack that swept across 150 countries and 200,000 computers. Panicked hospitals cancelled thousands of operations, ambulances were...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

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

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