Data Breach Today
JANUARY 26, 2023
insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Still, underwriters may not be operating from the same set of assumptions when it comes to the likelihood of having to manage an actual extreme cyber event
eSecurity Planet
APRIL 22, 2022
That’s where cyber insurance may be able to help. If your company has not already experienced a significant cybersecurity event, it is probably only a matter of time before it does. Cyber Insurance is Booming. Selecting a Cyber Insurer. Top 8 Cyber Insurers.
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Hunton Privacy
MAY 4, 2022
In April 2022, two states enacted insurance data security legislation based on the National Association of Insurance Commissioners (“NAIC”) Insurance Data Security Model Law (MDL-668). Cyber Insurance Cybersecurity Information Security U.S.
eSecurity Planet
MAY 27, 2021
The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers.
Data Matters
OCTOBER 20, 2022
Treasury Department is seeking public comment on the need and scope for a potential federal insurance response to catastrophic cyber incidents, akin to the one put in place for terrorism insurance after the attacks of September 11, 2001. The U.S.
Security Affairs
APRIL 22, 2022
When security fails, cyber insurance can become crucial for ensuring continuity. The events of the past two years have made this shift clear: from ransomware attacks to the challenges of managing distributed workforces, digital risk is different. Cyber insurance is not a panacea.
Thales Cloud Protection & Licensing
OCTOBER 5, 2022
Global October Cybersecurity Events: Where You Can Find Thales. The summer is now over, and October is a month full of cybersecurity events for Thales around the world. Below are just some of the events Thales will be at over the next few weeks.
Schneier on Security
APRIL 12, 2018
Good article about how difficult it is to insure an organization against Internet attacks, and how expensive the insurance is. Typically in insurance we use the past as prediction for the future, and in cyber that's very difficult to do because no two incidents are alike," said Lori Bailey, global head of cyberrisk for the Zurich Insurance Group. In my new book -- out in September -- I write: There are challenges to creating these new insurance products.
Hunton Privacy
JUNE 9, 2022
On May 27, 2022, Vermont Governor Phil Scott signed H.515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”).
IT Governance
OCTOBER 15, 2020
That’s why they organisations increasingly relying on cyber insurance policies to cover the costs when data breaches and cyber attacks occur. But just how helpful is cyber insurance? What is cyber insurance? How does cyber insurance work? Who needs cyber insurance?
Data Breach Today
APRIL 21, 2020
The insurance community is bracing itself for a rise in the direct cost of claims - ranging from life insurance, to event cancellations and travel insurance Alongside the sad and vast expense of legitimate claims, it is an unfortunate fact that in times of economic hardship, people have a history of taking any opportunity to exploit financial institutions for ill-gotten gain
Thales Cloud Protection & Licensing
MAY 10, 2022
Checklist for Getting Cyber Insurance Coverage. The necessity for cyber-insurance coverage. With cyber attacks amounting to a question of when and not if, cyber insurance becomes crucial for ensuring business continuity and mitigating the business impact of attacks – should they occur.
The Last Watchdog
JANUARY 20, 2020
To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities. Some coverage is inherently added to any cyber insurance policy.
Data Matters
FEBRUARY 10, 2021
2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. While acknowledging that “[e]ach insurer’s cyber insurance risk will vary based [on] many factors,” the Framework nonetheless describes seven practices that authorized property/casualty insurers should use to manage their cyber insurance risk. Manage and Eliminate Exposure to Silent Cyber Insurance Risk.
Thales Cloud Protection & Licensing
JULY 4, 2022
How Cybersecurity Insurance Can Work To Help An Organization. In the last 20+ years, cybersecurity insurance has added risk transference to the available palette of palliative choices. The function of cybersecurity insurance. What does cybersecurity insurance cover?
Hunton Privacy
FEBRUARY 25, 2021
As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. 2 (2021) regarding “Cyber Insurance Risk Framework” (the “Guidelines”), calling on insurers to take more stringent measures in underwriting cyber risks. sought coverage for expenses under its property insurance policy.
IBM Big Data Hub
JUNE 26, 2018
In this Q&A, IBM financial services solution architect Irina Saburova discusses an insurance use case with IBM Data Science Marketing Lead Rosie Pongracz. In this scenario common to the insurance industry, an organization needs to adjust its operations based on upcoming weather event and multiple weather indicators can improve forecast accuracy
Data Matters
JANUARY 14, 2019
On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. By doing so, Ohio joins South Carolina as the second state to have adopted the Model Law and the fourth state – along with Connecticut and New York – to have enacted cybersecurity regulations for insurance companies. This means all insurers, agencies, and brokers doing business in Ohio are covered.
Data Matters
FEBRUARY 11, 2019
On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. By doing so, Michigan joins Ohio and South Carolina as the third state to adopt the Model Law and the fifth state – along with Connecticut and New York – to have enacted cybersecurity regulations focused on insurance companies. This means all insurers, agencies, and brokers doing business in Michigan are covered.
Hunton Privacy
AUGUST 6, 2019
On August 2, 2019, New Hampshire Governor Chris Sununu signed into law SB 194 (the “Bill”), which requires insurers licensed in the state (“licensees”) to put in place data security programs and report cybersecurity events. Licensees must maintain records concerning all cybersecurity events for a period of at least five years from the date of the cybersecurity event. The state insurance commissioner may take “necessary or appropriate” action to enforce the new law.
Hunton Privacy
OCTOBER 10, 2018
As reported on the Insurance Recovery Blog , Hunton Andrews Kurth insurance practice head Walter Andrews recently commented to the Global Data Review regarding the infirmities underlying an Orlando, Florida federal district court’s ruling that an insurer does not have to defend its insured for damage caused by a third-party data breach. To me, it’s clear that there were two reasonable interpretations of the insurance policy here.”.
Hunton Privacy
NOVEMBER 27, 2017
As discussed at the event and in the article, Sotto explained that “the cyber environment has just exploded…We could not have predicted this five years ago. Sponsors for the event included Stroz Friedberg, Pal Alto Networks and Egon Zehnder. For a recap of the event, read the full Securityroundtable.org article. Cyber Insurance Cybersecurity Events Federal Bureau of Investigation Liability Lisa Sotto Privacy
Data Matters
JULY 30, 2018
In October 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. On May 3, 2018, South Carolina became the first state to enact this Model Law, in the form of the South Carolina Insurance Data Security Act (H.B. By doing so, South Carolina joined Connecticut and New York as states with cybersecurity regulations for insurance companies.
Data Matters
FEBRUARY 20, 2019
On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. In other words, insurers may not use an external data source to collect or use information that the insurer would otherwise be prohibited from collecting or using directly.
DLA Piper Privacy Matters
MAY 17, 2018
The guide reviews the insurability of GDPR fines across Europe, which can reach up to €20 million or, if higher, up to 4% of a group’s annual global turnover. It also looks at insurability of costs associated with GDPR non-compliance (e.g. litigation, investigation and compensation), as well as the insurability of non-GDPR regulatory fines. Criminal penalties are almost never insurable. General Data Protection Regulation Uncategorized Insurance
Hunton Privacy
OCTOBER 14, 2019
Those exposed to these threats, including providers of security services and products, face the potential of bodily injury to customers and employees, serious damage to facilities and operations, extended business disruption, and significant reputational harm as well as years of costly litigation – notwithstanding best efforts to protect against dangerous persons and events. Cybersecurity Events Anti-terrorism Congress Department of Homeland Security
The Security Ledger
OCTOBER 23, 2018
In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyber insurance. In the first segment, we talk with Thomas Harvey of the firm RMS about the problem of “silent cyber” risk to insurers and how better modeling of cyber incidents is helping to address that threat. In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyber insurance. The insurance was dirt cheap. Are insurers ready?
HL Chronicle of Data Protection
MAY 13, 2019
In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. The entering into effect of multiple state laws in this area may present challenges for insurance providers operating in states where such cybersecurity requirements are provided for.
Adam Levin
JUNE 25, 2018
South Carolina became the first state to pass a law requiring all insurance entities to create and maintain a cybersecurity and data breach response program. . Among the law’s provisions is a requirement to notify the state government within 72 hours in the event of a breach or cybersecurity event affecting 250 or more people, the protection of policyholder’s personally identifiable information, and an annual statement detailing their breach response plan. .
Data Matters
JUNE 23, 2022
Kentucky and Maryland recently continued the trend of state insurance departments adopting some version of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law. Insurance Legislation Policy
Hunton Privacy
FEBRUARY 14, 2014
The scale of some recent cyber events has been extraordinary. The staggering impact of these events is leading companies to seek protection through both technology and financial products, such as insurance. Insurers typically attempt to avoid this sort of enormous exposure with terrorism exclusions, and it is reasonable to expect aggressive insurers to rely upon such exclusions to avoid their coverage obligations.
OpenText Information Management
MAY 16, 2022
I recently attended two really amazing events: the MoneyLive Summit in London and the OpenText™ Middle East Summit in Dubai. Banking & Insurance Customer Experience digital financial services digital transformation
Hunton Privacy
JUNE 16, 2014
As companies seek out ways to prevent these events and recoup losses associated with a data breach, cyber insurance is increasingly discussed as an effective method of recovery. In a recent article published in the Daily Journal , Hunton & Williams’ Insurance Coverage Counseling and Litigation attorney William T. Um offers a primer on cyber insurance, outlining key considerations for businesses as they explore this emerging area of coverage.
DLA Piper Privacy Matters
MARCH 6, 2020
The PFI Guidelines will apply to regulated banks, financial institutions and insurance companies. transaction logs, transaction amount, insurance orders, insurance claims); user’s personal and financial information (e.g. Carolyn Bigg, Hong Kong.
ChiefTech
APRIL 7, 2013
I have a collection of different events, mostly in Sydney, that I''m planning on attending this month and in early May: This week, you will find me at: ShareThePoint (Sydney) conference, 10th & 11th April - This is Australasia’s biggest SharePoint event that tours Australia, New Zealand, Singapore and Hong Kong. This event is also being repeated across Sydney, Melbourne and Brisbane during April and May.
Hunton Privacy
FEBRUARY 19, 2014
Hunton & Williams Insurance Litigation & Counseling partner Lon Berk reports: Insurers often contend that traditional policies do not cover cyber risks, such as malware attacks and data breach events. That said, the risk of physical injury associated with cyber crimes does not mean that policyholders should not buy appropriate cyber insurance. Those polices may offer protection, even without a separate cyber insurance policy. Cyber Insurance Hacker
Krebs on Security
JULY 24, 2018
Now the financial institution is suing its insurance provider for refusing to fully cover the losses. In its lawsuit (PDF), National Bank says it had an insurance policy with Everest National Insurance Company for two types of coverage or “riders” to protect it against cybercrime losses. Everest National Insurance Company did not respond to requests for comment.
KnowBe4
MARCH 23, 2022
In an unusual turn of events, a recent court decision sided with the policyholder, despite specific policy language that probably should have favored the insurer.
Hunton Privacy
JANUARY 31, 2014
Recent media attention focused on the security breach that affected millions of Target customers has increased interest in cyber insurance to cover the financial losses associated with these types of events. As insurers aggressively market insurance products to protect against cyber risks, it’s important to note differences in the language carriers have chosen to include in their policy forms. Cyber Insurance Cybersecurity Security Breach
Hunton Privacy
NOVEMBER 6, 2014
Hunton & Williams Insurance Litigation & Counseling partner Lon Berk reports: As the demand for cyber insurance has skyrocketed, so too has the cost. Much of the increase in demand and cost has been the result of the widely publicized hacks of the point-of-sale systems at large retailers, and the primary emphasis of most cyber policies is to address liability arising from such events. Cyber Insurance Cybersecurity Payment Card
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