Welcome to the Future!
The 2016-2017 Chair of the National Governor Association, Virginia Governor Terry McAuliffe, explains that cyber security directly impacts these policy areas and businesses:
Lloyds of London estimates a global cyber attack will result in damages similar to hurricane Sandy, or $53 billion in economic losses from a global hacking of cloud services.
How do the $53 Billion oin costs break down?
Average economic losses $4.6 billion to $53 billion
Actual losses could be as high as $121 billion
$45 billion of that sum may not be covered by cyber policies, because
companies are underinsuring
If operating systems are hacked, average losses…
Fitness Tracker data storage in the cloud leaves individuals subject to the following data privacy issues:
Irish Times | Fitness trackers run into resistance over data security concerns
The National Association of Insurance Commissioners is being urged to adopt New York’s Cyber Finance Security Rules in each of their respective states.
NAIC will release proposed rules soon
Reuters | New York Regulator Wants Other States to Model Cyber Laws After Its Rules
Refresher on the New York Cyber Security Rules from January 2nd, 2017 informed:intel:
The state upping the ante on data security rules for the finance industry: New York
Becker’s ASC Review | Data breach forecast for 2017: Cyber criminals to target healthcare
New York.
The pinnacle of these regulation is New York Department of Financial Services rule, known as Cybersecurity Requirements for Financial Services Companies.
The New York rules target financial services companies and their advisors. Lawyers call the NY rules “… a more comprehensive framework for cybersecurity than has been seen in any other U.S. jurisdiction.”
insurance news net | New York Jumps Ahead In Data Security Regs
To whom does the model insurance-cybersecurity law apply? To anyone who holds a license, registration or is authorized by a state insurance agency
There’s a revision to the model law, what’s changed?
What sparked the push for more and new state regulation on data security? New York’s Cybersecurity regulations
Which industries are taking note? Finance & Insurance
Do legal experts think New York’s regulations will be a model for other states? Yes, yes and yes.
Law.com | NY Cybersecurity Regs Could Spur Legal Work Nationwide
What entity is proposing model data security laws for insurance? the Cybersecurity Task Force (Task Force) of the National Association of Insurance Commissioners (NAIC)
Is it final? No, its a revised draft after taking into account stakeholder positions
What issues are covered in the model act draft?
Case Study: Target. Target’s Securities & Exchange Commission filings show:
Case Study: Anthem Insurance. Anthem’s SEC filings show it cannot estimate the cost of its data breach because:
In additional to actual costs, there are soft costs to a data breach such as: