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Video: Foster Of Willis N.A. On Cyber Security Risk Management

Peter Foster, Senior Vice President at Willis North America, spoke at the HB NetDiligence® Cyber Risk and Privacy Liability Forum held June 7 to 8, 2010, in Philadelphia, on "Cyber Security and Privacy Liability Concerns: The Risk Managers Speak." For more information about the program...

Invasion of Privacy or Cyber Security?

Proposed laws to ease wiretaps on the Internet are now being considered by the US Senate Judiciary Committee, but with widespread pushback from privacy groups . Federal officials have long relied on the wiretap laws to monitor criminals and terrorists, however as we all know fewer and fewer individuals...

President Obama Gets Mediocre Privacy Grades

The Electronic Privacy Information Center (EPIC) issued its second annual privacy report card with lower grades of "C for consumer data protection efforts and a D on civil liberties." Mark Rotenberg, executive director of EPIC said "Our bottom-line assessment is that with respect to privacy...

Public Companies Must Disclose Cyber-Liability Risks

By Rene Siemens and David Beck , Attorneys, Pillsbury Winthrop Shaw Pittman LLP If you thought you did not need cyber insurance before, Uncle Sam may cause you to think otherwise. On October 13, 2011, the Securities and Exchange Commission ("SEC") Division of Corporation Finance issued...

Cyber Security in the Boardroom

Cyber security, and the importance of management and board engagement on the issue, has been generating a lot of discussion lately. Indeed, the spate of security breaches has made it clear that no organization is immune and that, as a society, we must develop a level of tolerance for the fact that...

Google Disclaims Any Relation with Carrier IQ

Although Google's Android smartphone operating system has been associated with Carrier IQ, Eric Schmidt ( Google's Executive Chairman) told an Internet freedom conference in the Dutch city of The Hague about Carrier IQ that "It's a key-logger, and it actually does keep your keystrokes...

New Cyber Security Disclosure Guidance from the SEC

by Vince Crisler Recent guidance from the SEC establishes new responsibilities for corporations. Public companies are expected to disclose all cyber security risks and cyber incidents that a reasonable investor would consider important in making an investment decision or if the information would...

Mitigating Cyber Security Risks with Cyber Insurance in 2012

by Vince Crisler The sophistication and capacity of the cyber insurance market has evolved in the last five years. Cyber insurance can fill the insurance gap but mitigating cyber security risks with cyber insurance is not a simple solution. Counsel should revisit cyber insurance with directors and...

California Attorney General Beefs Up Privacy Enforcement

On July 19, 2012, Kamala D. Harris, the Attorney General of California, announced that she was forming a new group, the Privacy Enforcement and Protection Unit, within the state's Department of Justice. The group includes six prosecutors who specialize in privacy, and its mandate is to protect consumer...

Siemens and Beck on Obtaining Optimal Cyber Insurance

By Rene Siemens and David Beck , Attorneys, Pillsbury Winthrop Shaw Pittman LLP This commentary observes that the rising threat of cyber attacks and data breaches as well as the proliferation of data security and privacy laws have made it more important than ever for organizations that handle sensitive...

Widespread Use of Social Media Creates Additional Risks for Companies

Network Security Risk: Because of their nature, the use of social media websites increases a company's exposure to cyber threats such as malware and phishing attacks. With many users accessing their social networks from computers in the workplace, often these issues are simply caused by an...

Siemens and Beck on Obtaining Optimal Cyber Insurance

By Rene Siemens and David Beck , Attorneys, Pillsbury Winthrop Shaw Pittman LLP This commentary observes that the rising threat of cyber attacks and data breaches as well as the proliferation of data security and privacy laws have made it more important than ever for organizations that handle sensitive...

How to Negotiate Cyber Insurance

By Rene Siemens and David Beck , Attorneys, Pillsbury Winthrop Shaw Pittman LLP This article previously appeared in Risk Management magazine. Exposure to network and data security breaches has grown exponentially in recent years and the market for insurance tailored to cover this risk has...

Lee Zeichner on Presidential Action on Cybersecurity: 2013 Executive Order and Presidential Policy Directive

On February 12, 2013, President Obama signed the Executive Order: Improving Critical Infrastructure Cybersecurity designed to strengthen the cybersecurity of critical infrastructure. This Order expands information sharing with critical infrastructure owners and operators and establishes a process...

Cybersecurity Will Be Hot Button Issue For Affected Companies

I am sure many readers were disturbed as I was by the February 19, 2012 New York Times article reporting that a Chinese army unit apparently has been executing a concentrated cyber-hacking program targeting U.S. companies and critical U.S. infrastructure. (The report of consulting firm Mandiant that...

Your Employees Are Stealing Your Data

Employee resigns. But before her last day of work, Employee copies thousands of emails and documents from Employer's computer. Off goes Employee into the sunset. How often is this scenario? I bet most employers think this never happens in their workplace. I'd be willing to bet that it...

Smaller Companies Should Consider Cyber-Liability Insurance

Smaller companies increasingly are the subject of data breaches and those smaller companies "are the number-one target of cyber-espionage attackers," according to a recent study detailed in a April 24, 2013 CFO.com article entitled "Should You Consider Cyber Insurance?" ( here...

A Critical Question Directors Should Be Asking Company Management About Cyber Risk

Cyber security and related privacy issues increasingly dominate the headlines. And for good reason: according to statistics cited in a recent Wall Street Journal article , cyber attacks --ranging from malicious software to denial of service attacks - increased 42% in 2012. The trend has only accelerated...

Assessing U.S. Public Company Cyber Risk Disclosure Practices

It has been nearly two years since the SEC Division of Corporate Finance issued its Disclosure Guidance on cybersecurity risks. During this period reporting companies have had the opportunity to incorporate disclosures in their reporting documents about the cybersecurity risks they face. To develop a...

Cybersecurity Disclosure Under Scrutiny

The threat of a cybersecurity breach is unfortunately one of the ongoing business risks companies face in the current operating environment. For that reason, corporate disclosures of cyber-breach related risks have been a priority of the SEC’s Division of Corporate Finance as well as the agency’s...

What Are the Bad Guys Up to Now? Hacking Health-Care Records, Apparently

As if it were not bad enough that hackers are attacking retail businesses like Target and Neiman Marcus to obtain consumer credit card information, it turns out that the bad guys are also targeting health-care records. According to sources cited in a February 18, 2014 Wall Street Journal report entitled...

Cyber(in)security: The Perils of Preserving Customer Data

“Be Prepared” is one of the world’s most enduring mottos. It has been used, with international and organizational variations, by millions of Boy Scouts—and later Girl Guides and Girl Scouts—for over a century . But like another famous motivational maxim—Nike’s...

Cyber Terrorism: A New Threat Against The Maritime Industry

By Dr. Rebekah Tanti-Dougall LL.B. LL.M. (IMLI) LL.D Maritime security is of utmost importance and the industry is constantly updating its security measures to ensure the safety and security of vessels and port facilities; however there is an insufficient consideration of cyber security in maritime...

Will Investors Sue Over the Sony Hack Attack?

As I noted in my recent rundown of the top D&O stories of 2014, one of the most important developments during the year just finished was the emergence of cyber security as a D&O liability concern. During 2014, plaintiff shareholders launched cyber breach-related derivative lawsuits against the...