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The COVID-19 pandemic has driven us all towards more use of and reliance upon technology for reasons of remoteness from one another, and generating efficiency in tougher times. This upwards trend includes an increase in the number of businesses seeking to make better use of the data within their businesses via artificial intelligence technologies.
Ransomware attacks have become one of the biggest cyber threats to all organisations. In 2020 and 2021 there have been a spate of attacks targeting councils. The consequences can be catastrophic: systems down for days or sometimes weeks, scrambled files, and employees unable to carry out duties.
Cyber Sounds: Episode 4 - The global nature of cyber attacks with Laetitia Fouquet from Charles Taylor
In this episode we are joined by Laetitia Fouquet, Global Head of Cyber at Charles Taylor. The team discuss the global nature of cyber attacks, developments in marine cyber and its complexities, and play ‘Fine and Finest’.
For several years now, courts have wrestled with the issue of whether computer fraud coverage under a commercial crime policy covers business email compromise (BEC) attacks. An example; of a BECs is where an insured is emailed new payment instructions purportedly coming from a vendor, when in fact the email comes from a threat actor, thereby tricking the insured into wiring payment to a wrong account.
A roundup of recent global cyber-related developments, including the introduction of mandatory data breach notification requirements in Singapore, the digitisation of insured businesses and resulting risks to insurers, the Bermuda Cyber Underwriting Report, corporate forum shopping for favourable data protection laws and the New York launch of the Cyber Insurance Risk Framework.
Potential insurance issues arising from corporate forum shopping for favourable data protection laws
The UK officially left the EU in January 2020 with the implementation period, or transition stage, concluding on 31 December 2020 and the new UK/EU a trade deal finally agreed on 24 December 2020. However, large technology companies such as Facebook and Google did not leave their preparations until the last minute.
On February 4, 2021, the New York Department of Financial Services (NY DFS) issued its Cyber Insurance Risk Framework (the Framework) to provide insurance carriers what it deemed an outline of “best practices for managing cyber insurance risk.”
The fourth edition of our most popular guide for claims handlers has launched, helping empower insurers, third party administrators, corporates and their claims teams to become less reliant on their lawyers
US data privacy rights cometh: multiple states contemplating passage of significant data rights legislation
The year 2020 witnessed significant developments in U.S. data privacy law, not the least of which were the effective and enforceability dates of the California Consumer Privacy Act (CCPA), the enforceability of data security requirements under the New York Stop Hacks and Improve Electronic Data Security Act (SHIELD Act), and passage of the California Consumer Privacy Rights Act (CPRA). Less than two months have passed in 2021, and the year already suggests bigger changes to come as the privacy rights pendulum continues to swing.