Digital cybersecurity and network protection concept with lock over a laptop backdrop.

Ransomware Trends in 2020 Call for Increased Cyber Readiness

As IT systems and data play increasingly important roles in business, opportunities for cybercriminals continue to grow. For the first time, the annual Allianz Risk Barometer Report found cybercrime to be the number one concern for companies around the globe.

The increase in concern over cybercrime coincides with a rise in the number of ransomware attacks—and the dollar amount of payouts. A quick search of ransomware attacks in 2019 reveals that some 55 percent of SMBs in the United States were forced to pay hackers following an attack. 

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What Insurers Need to Know About New York’s SHIELD Act

What Insurers Need to Know About New York’s SHIELD ActA Q&A with Laurie Kamaiko of Saul, Ewing, Arnstein & Lehr LLP
Going into effect in its entirety on March 21, 2020, the New York SHIELD (Stop Hacking and Improve Electronic Data Security) Act updates previous data security laws while creating more obligations and potential concerns for companies and their cyber insurers. We asked Laurie Kamaiko of Saul, Ewing, Arnstein and Lehr about this legislation and how insurers can prepare for its implementation.

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The Intersection of Third Party Risk and Insurance

A Q&A with Matthew Cherian of BitSight
Third party data security risk continues to grow and even mature enterprises struggle to contain this unwieldy challenge. For cyber insurers, it’s becoming increasingly urgent to find better tools for assessing third party vendor risk when underwriting for a policy. To learn more about why and how this should be done, I spoke with Matthew Cherian, Vice President of Strategic Partnerships of BitSight. 

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Protecting Executives from Compromise

A Q&A with Chris Pierson, CEO of BLACKCLOAK
Increasingly, cyber criminals target corporate executives and high net worth individuals not inside their well protected work environments, but at home, where they are most vulnerable. We spoke with Dr. Chris Pierson, CEO of BLACKCLOAK about the risks organizations face, and how they can better defend targeted individuals against bad actors.

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Cyber Risk and the Construction Industry

A Q&A with Douglas Clare of FICO
A joint effort between FICO and the U.S. Chamber of Commerce, the Assessment of Business Cybersecurity (ABC) offers a benchmark for analyzing the security readiness of American business against cyber attack. When the first quarterly installment was released in late 2018, the construction industry scored highest among the reviewed industries, demonstrating the least amount of cyber risk. We spoke to Douglas Clare, Vice President of Cyber Security Solutions at FICO, about why this industry stands out but also why more can be done to protect it.

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Quantifying Cyber Risk

A Q&A with Peter Armstrong of Munich Re and Julie Eichenseer of Guidewire: Cyence Risk Analytics
At the NetDiligence® Cyber Risk Summit in Philadelphia, Julie Eichenseer of Guidewire: Cyence Risk Analytics and Peter Armstrong of Munich Re participated in a panel on cyber risk quantification, discussing how current approaches to evaluating cyber risk can better help the insurance industry and its clients improve their cybersecurity posture. We spoke with them about some of the topics they covered.

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Ransomware, To Pay or Not To Pay

A Q&A with Winston Krone, Kivu
Unfortunately, for now, it appears that ransomware attacks, wherein hackers encrypt data and hold the decryption key for a sum of money, are here to stay. That leaves the attacked organization with a tough quandary: whether or not to actually give in to the criminal’s demands. We talked to Kivu’s Winston Krone about the latest thinking on when it’s appropriate to pay the ransom.

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eDiscovery and Data Breaches

A Q&A with Carolyn Purwin Ryan of Cipriani & Werner and Larry Brown of Epiq
When used in the wake of a data breach, eDiscovery tools can help companies manage their legal and regulatory risks through the inventory of compromised sensitive information. At the Net Diligence Cyber Risk Summit, we spoke to Carolyn Purwin Ryan of Cipriani & Werner and Larry Brown of Epiq about how these technologies help companies improve both incident response and litigation readiness.

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New HHS Guidance Combats Cyber Threats in Healthcare

A with Reece Hirsch of Morgan Lewis
Late last year, the U.S. Department of Health and Human Services (HHS) released voluntary cybersecurity standards that help bring the HIPAA Security Rule into focus and up to date with current cyber threats. The new guidance could also have implications for the way “reasonable standards” are legally defined going forward. We spoke with Reece Hirsch, co-head of the Privacy and Cybersecurity practice atMorgan Lewis, about the guidance and its advantages for healthcare organizations.

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