Cyber Insurance Laws & Regulations

Capito, Hickenlooper Reintroduce Bipartisan Cyber Insurance Bill for Small Businesses

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Senators Shelley Moore Capito (R-W.Va.) and John Hickenlooper (D-Colo.) reintroduced the bipartisan Insure Cybersecurity Act to safeguard small businesses against rising cyber threats. According to Accenture’s Cybercrime study, nearly 43% of cyber-attacks target small businesses, yet only 14% feel adequately prepared despite spending between $826 and $653,587 per incident. As many know, 95% of breaches … Read more

SEC Cyber Incident Disclosures Show Confusion on “Materiality,” Limited Info on Cyber Insurance and Unexpected Whistleblowers

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It’s been a year since public companies had to start complying with new SEC cyber incident disclosure rules requiring Form 8-Ks for “material” cyber events. Law firm Paul Hastings has now released a study of 75 disclosures from 45 companies between December 2023 and October 2024. It shows a 60% increase in the number of … Read more

EU Countries Blow Off New Cyber Security Regulations & European Commission Is Not Pleased

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The European Commission has launched “infringement procedures” against a majority of its member states for failing to meet an October deadline to enact EU cyber security regulations. The regulations come in two packages: the NIS2 Directive, aimed at enhancing cyber security and the Critical Entities Resilience (CER) Directive, focused on safeguarding critical infrastructure. “The Commission … Read more

CISO Liability Concerns Grow with Enhanced Disclosure Rules

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Chief Information Security Officers (CISOs) face growing personal liability risks amid increasing cybersecurity threats and stricter regulations. Recent Securities and Exchange Commission (SEC) actions have targeted CISOs individually. For the first time, the SEC charged a CISO with fraud and internal control failures related to cybersecurity. New SEC disclosure rules now require timely reporting of … Read more

SEC Hits Firms with Millions in Fines for Inadequate Cyber Disclosures; Sparks Dissent on Commission

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Four companies have settled charges by the Securities and Exchange Commission (SEC) that they made “materially misleading disclosures” after being breached in 2020 by the SolarWinds’ Orion software hack (US public companies have been required to disclose material cyber events since last year, see this.) But two of five SEC commissioners dissented on the charges, … Read more

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