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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