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“If this federal court case proceeds, and gains class-action status that the litigants are seeking, it could further alter already evolving compliance and liability concerns for banks and other U.S….
Read More “Lawsuit Against KeyBank Harbinger of Emerging Cyber Liability Dynamics” »
According to the report, US FIO and CISA agree with this recommendation: “The Department of the Treasury’s Federal Insurance Office (FIO) and the Department of Homeland Security’s Cybersecurity and Infrastructure…
Read More “GAO Prods Feds to Assess Their Potential Response to Catastrophic Cyber Attacks ” »
“Among other steps, Kentucky’s law requires insurers to ‘identify reasonably foreseeable internal or external threats that could result in unauthorized access, transmission, disclosure, misuse, alteration, or destruction of nonpublic information,…
You’ve got a month-and-a-half to suggest “any potential changes to the [Terrorism Risk Insurance Act] or [Terrorism Risk Insurance Program] that would encourage the take up of insurance for…
Where reporting requirements exist, lawsuits follow. “The Cyber Incident Reporting Act puts in motion important new cybersecurity reporting requirements that will likely apply to businesses in almost every major sector…
Read More “Cyber Incident and Reporting Act Signed by President Biden ” »
Insurers have been tightening their war exclusions and clarifying attribution requirements, especially after the recent court win by Merck over reimbursement of its losses from 2017’s NotPetya malware attack. “However,…
Read More “Cyber Insurers Unlikely to Face Major Losses from Russia/Ukraine War: DBRS Morningstar” »
Move is linked to the Terrorism Risk Insurance Program (TRIP) & potential increased industry role by US Treasury Department. “Treasury is navigating a narrow course between trying to work with…
Read More “Feds Looking for More Cyber Insurance Data From Providers ” »
Our prediction is plenty of wrangling on the definition of “materiality.” “The new requirement applies to any cybersecurity incidents that are expected to materially impact a bank’s ability to provide…
Read More “Feds Give Banks 36-hour Deadline for Reporting “Material” Cyber Incidents ” »
“‘Progressive versions of workers’ comp have led to improved employee health and safety measures and proactive prevention efforts to reduce the risk of workplace injuries,’ Kundi said. ‘Similarly, as we…
Read More “CEO Predicts Cyber Insurance Will Become Mandatory, Like Worker’s Comp” »
“Business owners need guidance rather than a federal reinsurance backstop to help them navigate an increasingly volatile cyber insurance market, a panel of experts said recently.” Source: For Now, No…