Early this month, New York’s Department of Financial Services, the regulator for banks and insurance companies, issued guidance on cybersecurity insurance. Unfortunately, the guidance was not to insurance customers; it was for insurance companies. The regulator is concerned that big breaches may cause insurance companies to go out of business. DFS advised insurers against paying […]
Continue reading → [DISPLAY_ACURAX_ICONS]The law firm of Bryan Cave has done some interesting analysis. On January 1, 2020, California became the first U.S. state to allow a breach victim to sue a company that was breached without having to prove they were damaged. The breach alone was proof of damage. The amount any one person can sue for […]
Continue reading → [DISPLAY_ACURAX_ICONS]We have been trained by the insurance industry that you buy insurance and if you have an event, you make a claim and get paid. For the most part, with your auto insurance or your homeowners insurance, that is the way it works. Rarely, but sometimes, you discover that you don’t have the right coverage […]
Continue reading → [DISPLAY_ACURAX_ICONS]While the breaches at Target, the IRS, Chipolte and others made the news during 2017, small business breaches were up over 40% between 2015 and 2016 and doesn’t show any signs of letting up. Given that, here are some reasons why small businesses should have cyber risk insurance. #1 – Small businesses do not have […]
Continue reading → [DISPLAY_ACURAX_ICONS]I wrote about 21st Century Oncology in March (see post here) when the FBI came knocking on their door. The result? 2.2 million records compromised. At that time they said that they likely did not have enough insurance to cover the costs of the breach. Fast forward six months. Law360 is reporting that Charter Oak […]
Continue reading → [DISPLAY_ACURAX_ICONS]I have written several times about the fight between Cottage Health System and Columbia Casualty, a division of CNA Insurance. In 2013 Cottage’s systems were breached and the private information of thousands of patients was publicly disclosed. Their insurance company paid $4.125 million for costs related to the breach, including a class action lawsuit. That […]
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