article thumbnail

Cyber-insurance – 72 hours for the insured party to file a criminal complaint: GDPR’s false friend

Data Protection Report

2] In this context, the Directorate General of the French Treasury has put forward a plan of action with a view to clarifying the cyber-insurance legal framework, better gauging cyber-risks, and enhancing companies’ awareness as regards cyber-risks. 12-10-1 into the French Insurance code. However, in the end, Article L.12-10-1

Insurance 105
article thumbnail

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. According to NYDFS, the incorporation of these practices should be proportionate to each insurer’s size, resources, geographic distribution, and other factors. The Framework.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

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. sought coverage for expenses under its property insurance policy.

article thumbnail

After Springhill: Assessing the Impact of Ransomware Lawsuits

eSecurity Planet

The legal complaint [PDF] notes that on July 9, 2019, the day it was hit by a ransomware attack, Springhill Memorial Hospital contended that the event had “not affected patient care.” ” Cyber Insurance No Longer Reliable. Also read: Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs. .

article thumbnail

Think Ransomware Can’t Put You Out of Business?

Adam Levin

In the same survey, 35 percent thought CEOs should be fined for a cyber failure, and 30 percent wanted to see a CEO lose his or her right to run any company following a serious cyber event. Some of the survey’s findings suggest there’s some cognitive dissonance. Twelve thousand respondents in the U.S.,

article thumbnail

You May Say I’m A Dreamer.But I’m Not the Only One

AIIM

According to AIIM research , 75% of the organizations we surveyed view digital transformation as “important” or “very important” to their organization. Despite the drive to go paperless, paper is still prevalent in many core business processes like loan applications and insurance claims. Let us show you how to take the first steps.

article thumbnail

How IBM and AWS are partnering to deliver the promise of AI for business

IBM Big Data Hub

According to a survey by the MIT Sloan Management Review, nearly 85% of executives believe generative AI will enable their companies to obtain or sustain a competitive advantage. A leading insurance player in Japan leverages this technology to infuse AI into their operations.