This is our final installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation. In this installment, we provide an overview of the regulation’s impact on third-party vendors and business partners, including law firms.
This is our second installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation. In this installment, we provide an overview of the regulation’s impact on corporate governance and the scope of liability for corporate boards.
This is the first installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation. The Patterson Belknap Privacy and Data Security Team has studied the regulation, its legislative and regulatory underpinnings, and practical consequences.
The Department of Homeland Security (“DHS”) recently issued a joint alert with the Canadian Cyber Incident Response Centre warning of two new ransomware threats behind recent well-publicized attacks against healthcare companies.
A U.S. appeals court yesterday held that a traditional corporate general liability policy triggered an insurer’s duty to defend a class action lawsuit alleging that a medical records company failed to properly secure patient records on its server.
When it comes to buying cyber insurance, businesses might be right in taking comfort that they have mitigated the financial risks that come with a data breach. Just not all of them.
Recent surveys tell us that cybersecurity is the top risk faced by corporate America. The Bank Director’s 2016 Risk Practices survey – out yesterday – disclosed that three quarters of bank executives and board members believe cybersecurity is their top concern. And their general counsel agree. In another recent study, general counsel said that cybersecurity was their top area of organizational risk as well.
For businesses and nonprofit organizations searching for cyber insurance, it is important to know if your coverage limits are adequate. Whether you are in the market for a new policy or renewing an existing one, you should explore whether your policy has a “sub-limit” that places limitations on your losses and liabilities that may be covered.
Earlier this month, the New York State Department of Financial Services (“DFS”) announced that it will propose new cybersecurity regulations for financial institutions. The DFS made the announcement in a letter to the Financial and Banking Information Infrastructure Committee — an eighteen member organization headed by the Treasury Department that has already begun tackling cybersecurity issues.
We are pleased to announce the launch of Data Security Law Blog, Patterson Belknap’s newest resource for the latest news, analysis and thought leadership in the critical area of privacy and cybersecurity law.
With cybercrime striking everywhere from government agencies to Major League Baseball, each new hack is making headlines, launching inquiries, and triggering lawsuits. Although most of the focus has been on private sector companies and governmental agencies, nonprofit organizations are not exempt (no pun intended) from cyber threats or their consequences. And sadly, it’s only getting worse.