Already considered among the most rigorous cybersecurity requirements for financial services companies, the existing New York Department of Financial Services (“NY DFS”) Cybersecurity Regulation (the “Regulation”) set the standard for a scalable and prescriptive framework for cybersecurity. Its provisions inspired the various state insurance data security requirements of other … [Read more...] about New York Department of Financial Services Looks to Raise the Floor — Again — on Cybersecurity Regulation
The education portion of AIRROC’s Spring 2022 Membership Meeting commenced with an informative panel discussion on the evolving threat of ransomware; a topic that has dominated headlines over the past year with such high profile attacks on CNA, Colonial Pipeline and JBS Foods. Patrick Byrnes, Partner, with Locke Lord LLP moderated the discussion that featured remarks from … [Read more...] about Ransomware’s Scary – Be Wary and Ready to Parry
When it comes to cybersecurity, companies must not underestimate the importance of basic controls. Employees and employers are exposed in the pandemic-induced work from home environment to new cyber risks, raising the stakes for cyber best practices and education. Cyber criminals typically follow a playbook where they seek out the lowest hanging fruit. They’re attacking … [Read more...] about The Basic Cybersecurity Controls that Every Company MUST have
Cyber risks are among the most pervasive risks of our time. They impact all industries that purchase insurance, and all lines of insurance. A panel from the insurance community whose roles in their companies focus on cyber risks (some from the underwriting and product development perspective, and others from the claims handling perspective) discuss key issues and challenges … [Read more...] about Emerging Cyber Risk Roundtable Explores Cyber Insurance Issues
While US regulators attempt to require insurers to be more aggressive in protecting consumer data from cyber attacks, in August 2016 the NAIC’S Cybersecurity Task Force released an amended version of its draft Insurance Data Security Model Law. The NAIC model law proposes to establish “uniform” standards for data security and investigations, in addition to how to notify about … [Read more...] about Cybersecurity: What are insurance entities required to do?
The commercialization of drone technology has exploded over the past few years and the global use of drones is expected to have enormous implications. Insurance coverage for drone operation is an essential aspect of this technological evolution. What is a drone? Drones come in a variety of sizes and types, from model aircraft for personal use to large, fixed winged … [Read more...] about Drones — Ready for Take Off
Cyber risk is one of those rare exposures that affects every company and potentially impacts every insurer. The insurance industry is affected by this ubiquitous risk both as entities with their own cyber risk exposures, and as insurers and reinsurers of the exposures of others. Accompanying rapid and pervasive developments in technology has been a concomitant increase … [Read more...] about Cyber Risks and Insurance Every Line, Everywhere