Recent Data Breach Insurance Coverage Decision: Court Holds Insurer Not Obligated to Cover Damages from Lost Tapes Containing Personal Information When No Evidence Tapes Were Read
Posted on May 22, 2015 in Financial Services | Comments Off on Recent Data Breach Insurance Coverage Decision: Court Holds Insurer Not Obligated to Cover Damages from Lost Tapes Containing Personal Information When No Evidence Tapes Were Read
The Connecticut Supreme Court recently issued an opinion confirming that a Commercial General Liability (CGL) policy’s personal or advertising injury coverage did not provide coverage for damages resulting from lost data storage tapes where the tapes contained personal identifying information, but the party seeking coverage could not show that the tapes had been accessed. Recall Total...
SEC Updates Guidance on Cybersecurity
Posted on Apr 30, 2015 in Uncategorized | Comments Off on SEC Updates Guidance on Cybersecurity
Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of Investment Management issued new Cybersecurity Guidance on April 28, 2015. As RICs and advisers become ever more dependent on information technology to conduct their...
Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting
Posted on Apr 3, 2015 in Financial Services | Comments Off on Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting
Update on Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services and the National Association of Insurance Commissioners. Specifically, in a letter dated March 26, the DFS followed up its February 2015 Report on Cybersecurity in the Insurance Sector by requesting...
Director McRaith Outlines FIO’s Cybersecurity Objectives
Posted on Mar 23, 2015 in Financial Services | Comments Off on Director McRaith Outlines FIO’s Cybersecurity Objectives
On March 17, Federal Insurance Office (FIO) Director Michael McRaith outlined FIO’s main cybersecurity objectives for the insurance industry at Networks Financial Institute’s 11th Annual Insurance Public Policy Summit in Washington, D.C. Speaking to an audience that included insurance industry professionals and lobbyists, McRaith detailed the objectives as follows: Support the...
NAIC Amps Up Cybersecurity Oversight
Posted on Mar 18, 2015 in Financial Services | Comments Off on NAIC Amps Up Cybersecurity Oversight
The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity Insurance Regulatory Guidance, is a document listing 18 principles for effective regulatory guidance regarding the protection of the insurance sector’s data security and...
Subscribe
FEATURED
Check out the BreachLawWATCH app which allows easy access to data breach statutes across the United States and a growing number of jurisdictions.
Video: As the challenges cybersecurity and data privacy present are often global
