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Cyber risk has grown demonstrably in frequency and severity in the past 10 years—and, in tandem, the cyber insurance policy has grown in breadth and complexity. This past year, a record number of organizations fell victim to...more
In today's digital age, the cyber threat landscape is changing faster than ever before. As businesses and individuals increasingly rely on technology, understanding the complexities of cyber insurance has never been more...more
Cyberattacks are affecting every company and sector. Meanwhile, the regulatory landscape is intensifying as the SEC continues to enforce the cyber-risk management disclosure rules. Every day presents a new compliance and...more
Cyberattacks and technology disruptions in healthcare don’t just cost organizations financially — they can threaten patient safety and put organizational reputations at risk. How ready is your organization for a potential...more
Part III: Leveraging Insurance to Mitigate AI Risks - As boards navigate the complex landscape of AI integration, the risks associated with this powerful technology are multifaceted and evolving. From potential data breaches...more
CDK Global, a key provider of cloud-based software for auto dealerships, suffered a severe ransomware attack this week, disrupting operations for thousands of dealerships across North America. The attack has crippled vital...more
Cyberhackers—potentially frustrated by their limited ability to extort ransom from health care entities in attacks—have started extorting the patients themselves, threatening them with the release of information or...more
Following one of the most turbulent years in crypto history, 2023, in contrast, unfolded as a year of reprieve, including from crypto threats. According to a July 12, 2023, report from blockchain analytics firm Chainalysis,...more
Ransomware attacks and cyber data theft are an unfortunate fact of life for businesses. Whether through attacks targeting individual companies or widespread campaigns carried out by exploiting vulnerabilities in third-party...more
Hackerangriffe, Datendiebstahl, Ransomware, Datenpannen und sonstige Cybersecurity Incidents werden immer mehr zu einem zentralen Unternehmensrisiko. Dabei wird oft übersehen, dass dieses Thema nicht nur in technischer,...more
Amidst the recent surge in ransomware attacks on U.S. businesses—with crypto criminals and sometimes State actors invading and encrypting computer and operating systems and extorting funds in exchange for the decryption...more
The onslaught of ransomware attacks by cybercriminals increases unabated every year, affecting everyone from mom and pop shops on Main Street to corporate lions of Wall Street. Hackers infiltrate an organization's computer...more
Threat actors are developing more sophisticated and strategic ways to target sensitive information. Digital footprints and tech usage will only keep expanding, which adds to vulnerability and presents more opportunities for...more
Cyber liability insurance is becoming more ubiquitous, more unpredictable, and in some cases more confusing than ever, which makes understanding your risk even more critical in 2022. Join Woodruff Sawyer experts Dan Burke,...more
Ransom demands from cyber-attacks show no signs of slowing down, and the costs—both from ransom payments and repairing the damage—are rising precipitously. Our Privacy, Cyber & Data Strategy Team outlines six ways companies...more
Each year, the Internet Crime Complaint Center (“IC3”) of the Federal Bureau of Investigation publishes its Internet Crime Report. The IC3’s 2020 Internet Crime Report includes startling information about the continuing...more
Nearly 700 years ago, England captured King John II of France and held him for ransom for four million écus. But France could not afford to pay, and King John II ultimately traded his two sons as substitute hostages to try...more
Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more
The New York Department of Financial Services (DFS) has issued a Cyber Insurance Risk Framework (the “Framework”) of best practices for carriers. The first of its kind, the Framework tells carriers to establish formal...more
Against the backdrop of the disruptions associated with the Covid-19 pandemic and SolarWinds cyber-espionage campaign, NYDFS has released guidance for insurers that underwrite cyber insurance policies and which contains a...more
Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities...more
U.S. hospitals, already on the front lines of fighting the coronavirus pandemic, are now facing viral attacks by cybercriminals. More than 20 U.S. hospitals and health care organizations have reported their data being held...more
In early October, the United States Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory, warning of the potential risk of sanctions to companies and individuals who pay ransomware payments. The...more
On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory “to highlight the sanctions risks associated with ransomware payments related to malicious cyber-enabled...more
While most of society struggles to flatten the curve, treat the sick and restart the economy, regrettably, some bad actors have used the COVID-19 emergency as an opportunity to exploit vulnerabilities for personal gain. One...more