Cyber Insurance Laws & Regulations

New York State Mulls Groundbreaking Cybersecurity Regulations for Hospitals

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Governor Kathy Hochul has proposed cybersecurity regulations for hospitals, backed by a $500 million budget allocation in the FY24 budget. These regulations aim to fortify hospital networks against escalating cyber threats, complementing the Health Insurance Portability and Accountability Act (HIPAA) Security Rule focused on safeguarding patient data. Under the proposed provisions, hospitals must establish comprehensive … Read more

Better Modeling Will not Save the Cyber Re/Insurance Industry from Catastrophic Risk: The Geneva Association

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“Cyber Risk Accumulation: Fully Tackling the Insurability Challenge’” is a useful new report from The Geneva Association (GA), “a global association of insurance and reinsurance CEOs and think tank for the insurance industry.” See information on the report here. We found a number of the report’s findings valuable, including the role and recent history of … Read more

Brits Debate Government Backstop to Cyber Insurance Industry

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As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more

New SEC Disclosure from MOVEit Owner Reveals Gory Details of Cyber Insurance Coverage, Lawsuits & SEC Subpoena

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Progress Software Corporation (PRGS) is the provider of MOVEit Transfer software, a program responsible for what is widely considered the largest hack so far in 2023, impacting at least 2,000 enterprises and 60 million individuals, according to media reports. The Company has now issued a 10Q report (10/10/23) providing details on the attack and recoveries … Read more

Can the Existence of a Risk Management Program for Cyber Insurance Also Provide Legal Protection?

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The dawn of SEC-required cyber disclosures seems sure to increase litigation, as we’ve reported. Could the kind of cyber risk management now required by most cyber liability insurers provide some protection from the plaintiff’s bar? Liberty Mutual thinks so. “Cyber risk management strategies can help mitigate the likelihood of falling victim to an attack; but … Read more

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