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Several insurance companies have been targeted this month by cyberattacks, including AFLAC, Erie Insurance, and Philadelphia Insurance. The threat actor, Scattered Spider, is now focusing on the insurance industry. We want to...more
This is a deceptively simple question — risk managers rightfully expect to know the scope of their coverages when they build their insurance programs. Unfortunately, judicial interpretation of common policy terms can turn...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
As more companies purchase cyber insurance to protect against the risks of computer hacking and data breaches, the body of law interpreting these policies is evolving rapidly. Risk managers and counsel should monitor these...more
Cybersecurity Task Force Launched in Arizona - Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT is comprised of 22 members representing officials from...more
According to bloggers on techtarget.com, security risks around the internet of things (IoT) continue to be problematic, and a new free guide, “The Developer’s Guide to IoT” has been published specifically for IoT device...more
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
Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more
New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more
The insurance industry has been making the case to Congress that cyberinsurance can be a path to good security practices, encouraging different groups inside an organization to better communicate with one another. The process...more