The Cyber Insurance Imperative

AGREEING TO DISAGREE. A federal judge in California has refused to dismiss a proposed class action against an online automobile exchange for allegedly sharing the search inquiries of visitors to its website with third parties in violation of the state's wiretapping law, in a ruling that stands in stark contrast to a recent decision by the Massachusetts Supreme Judicial Court interpreting a similar law. In this episode, David breaks down the court's reasoning, and urges insureds to check their cyber policy wording for limitations and exclusions around such claims.

TIRED OF LENGTHY APPLICATIONS? The process of applying for Cyber insurance has been cited as a chronic source of frustration for risk managers and CISO's. In this episode, David describes what Alliant has done to relieve this pain point - with a solution that is less cumbersome, more accurate, and allows businesses to correct their deficiencies and present their Cyber risk to underwriters in the best possible light.

TISH JAMES NABS THE GECKO! The New York State Attorney General slapped two auto insurance companies with a total of $11 million in penalties for lax cybersecurity measures which she says led to a November 2020 data breach and resulted in fraudulent unemployment claims being filed with the state. In this episode, David discusses how New York's regulation of financial services companies continues to form the basis of some of the toughest enforcement of data privacy in the nation, and what financial institutions should be doing to safeguard against cyber risk.

ARE FINANCIAL INSTITUTIONS PUTTING ALL THEIR EGGS IN ONE BASKET? A massive data breach at a FinTech firm serving 45 of the world's top 50 banks brings the issue of vendor management back into focus. In this episode, David explains what has taken place and what companies should be doing to minimize their exposure to third party risk.

GIVING THANKS FOR THIS COMMUNITY. In this episode, David takes a moment to express his gratitude for the Cybersecurity ecosystem and the mission we all share in protecting our economy, our privacy, and our way of life.

ELECTIONS HAVE CONSEQUENCES... SORT OF. In this episode, David takes a look at the legal and regulatory impact of the 2024 Presidential and Congressional elections, and makes the case that the world of cybersecurity and data privacy does not revolve around Washington. Companies need to continue to be vigilant even as enforcement is tempered at the federal level.

IS THERE ANY GOVERNMENT AGENCY NOT REGULATING CYBERSECURITY? This past week, New York's Attorney General announced a settlement with a healthcare provider requiring the firm to invest millions to better protect patient data, along with imposing hefty penalties for their historically lax security controls and vendor management. In this episode, David discusses how to address the very real exposure of third party risk, and offers some pointers on coverage for regulatory proceedings.

TRACKING LITIGATION. A recent ruling by the Massachusetts Supreme Judicial Court is a victory for healthcare organizations and other businesses facing class action lawsuits over their use of website tracking tools. In this episode, David explains the court's rationale, the potential impact on cases nationwide, and the challenge of getting these claims covered under a Cyber insurance policy.