Cybercrime, including ransomware, is one of the top challenges facing organizations today. Businesses across the globe are suffering staggering cyber-related losses, losing around $60 billion on cyber crime annually.  

We are excited to launch our thought leadership campaign, “Cyber Insurance claims: Minimize risk, maximize recovery,” which provides a comprehensive look into the key issues relating to cyber insurance and ransomware claims and how clients can minimize their risk and maximize their recovery before and after a cyberattack.Continue Reading Cyber insurance claims: Minimize risk, maximize recovery

In light of the growing concern over cybersecurity, the United Stated Department of Justice (“DOJ”) issued guidance last week on how to prepare for and respond to cyber attacks.  Taking lessons learned by federal prosecutors while handling cyber investigations, and input from private sector companies that have managed cyber incidents, the guidance contains a step-by-step guide on what to do before, during and after a cyber incident.

Specifically, the DOJ recommends having a plan in place before any cyber attacks occur.  That plan should include identifying critical data and assets that warrant increased security, having the technology and services needed to respond to a cyber incident in place, having legal counsel that is familiar with legal issues associated with cyber incidents, and ensuring that your team knows who is responsible for what tasks in the event of an attack.   If an attack happens, the DOJ recommends assessing the scope of the incident and working quickly to prevent any on-going damage, collecting and preserving data related to the attack, and notifying law enforcement.  The DOJ cautions against using any systems that have been compromised and trying to “hack back” against the system involved in the attack.Continue Reading United States Department of Justice Announces “Best Practices” for Addressing Cyber Attacks

The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures include, among other things: regular, targeted assessments of cyber security preparedness at insurance companies; putting forward enhanced regulations requiring institutions to meet heightened standards for cyber security; and considering the ways in which NYDFS can support and encourage the development of the cyber security insurance market. The NYDFS stated that it plans to initiate these measures in the coming weeks and months.
Continue Reading New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers’ Cyber Defenses

Just days after news broke that ISIS hackers forced the shutdown of the U.S. Central Command’s Twitter account, President Obama met with congressional leadership, members of the Federal Trade Commission and the Department of Homeland Security to unveil a proposal to facilitate increased cooperation between the private sector and government to combat growing cybersecurity threats. Citing concerns with preserving national security, public safety and public health, the President proposed new federal cybersecurity legislation, emphasizing that although our digital economy “creates enormous opportunities,” it also “creates enormous vulnerabilities for us as a nation” that are growing and costing us billions of dollars. In remarks on Tuesday at the National Cybersecurity Communications Integration Center, the President further acknowledged the serious legal and liability issues involved with private companies sharing information with the government, and argued that his proposed legislation “includes essential safeguards to ensure that [the] government protects privacy and civil liberties” and other liability protections for companies that share information on cyber threats.
Continue Reading President Obama Acknowledges Growing Cybersecurity Threats to the Government and Economy, Proposes New Measures to Fight Cyber Risks