Cyber sages tell us the question is not whether your business will suffer a data breach, but when. To prepare for the inevitable, businesses want to know what is the next threat on the horizon. In the past few months, experts have offered many views on the top cyber trends for 2017, and plenty of advice about security measures companies should take in light of these predictions. But if some loss is a given, businesses also want to know if there will be insurance to cover that loss. We look at some of the forecasts and try to answer that question.
In its Fourth Annual Data Breach Industry Forecast, Experian Data Breach Resolution, a vendor of data breach response and protection services with a track record of handling high-profile incidents, issued and identified five top data breach trends for 2017. We’ll address the first two of those trends in this post.
The vaults of the world’s financial capital are getting stronger locks. On March 1, 2017, new “first-in-the-nation” cybersecurity regulations of the New York Department of Financial Services (DFS) went into effect to protect consumers and the financial system from cyber attacks. While the regulations apply to covered finance and insurance companies, their influence is likely to be felt beyond the companies targeted initially. For this reason, it’s important that all companies with cybersecurity risks understand how the new DFS regulations work, and the insurance coverage issues they may raise.
In the client alert The “Panama Papers” and the Secret World of Shell Corporations, Insurance attorneys Joseph Jean and Alexander Hardiman along with their colleagues Carolina Fornos, Mark Hellerer, Maria Galeno, William Sullivan, Nancy Fischer, Nora Burke and Danielle Vrabie discuss a leak of 11.5 million documents from a law firm in Panama that may implicate politicians, criminals and celebrities in sheltering of fortunes in offshore tax havens through the use of shell companies. In light of these events, financial institutions and other entities may need to consider whether they are implicated, how to assess the risks, how to minimize exposure, if any, and whether insurance coverage is available.