Complacency in the face of evolving cybersecurity norms is hazardous. Executives and boards are often reluctant to adopt comprehensive cybersecurity policies due to costs and contradictory advice. However, failing to take action increases regulatory and legal risks. Cyberattacks are difficult to defend against and are becoming more sophisticated. Small and medium enterprises are particularly vulnerable targets but may underestimate threats due to limited resources. Government efforts to work with businesses on cybersecurity have been inconsistent, creating uncertainty around compliance. Cyberbreaches can result in significant litigation and liability for companies, especially as legal standards continue developing. Comprehensive and strategic planning is needed to address diverse cyberattack risks.
This presentation examines to what extent that cyber-insurance can be a useful tool to manage the risks and harms caused by massive cyber-attacks from the national as opposed to enterprise standpoint,
“Cyber Liability & Cyber Insurance” - A discussion on best practices around Prevention, Detection, and Response!
Sponsored by Datto and Webster Bank
Series brought to you by the Connecticut Technology Council.
____________
TOPIC FOCUS:
1. Evolution and acceptance of Cybersecurity insurance
a. Understanding risk & effect on businesses
i. Used to be major brands, now widespread.
ii. Risk recognized, business leaders looking to minimize risk
b. Describing changes in cybersecurity insurance
How coverages have evolved - not just for biggest companies
i. Insurers are working with (tech) companies to get it right
ii. Where is it going from here? Trends, specialty insurance
2. Describe insurance types/ specifics and how they perform when needed
. Not all policies are the same
a. What to look for
b. How they vary by type of business (Healthcare vs. Retail vs. Software Co.)
c. What gaps still remain (What can’t get covered?)
3. How to minimize cost, get most value for your company
. Some protections on your current policies
a. Gating elements - What the insurance companies want to see - how that might help costs
4. Best practices generally
Cyber crimes are growing rapidly and cyber liability insurance is the safest way for companies to stay harmless. Information security is expected by all the customers and loss of these information could cost a company loyal customers and financial crisis.
White paper cyber risk appetite defining and understanding risk in the moder...balejandre
Managing risk is a balancing act for organizations of all sizes and disciplines. While some organizations take on too much risk, others arguably do not take on enough. Complicating this equation is the emergence of cyber as one of the most impactful sources of risk in the modern enterprise
This presentation examines to what extent that cyber-insurance can be a useful tool to manage the risks and harms caused by massive cyber-attacks from the national as opposed to enterprise standpoint,
“Cyber Liability & Cyber Insurance” - A discussion on best practices around Prevention, Detection, and Response!
Sponsored by Datto and Webster Bank
Series brought to you by the Connecticut Technology Council.
____________
TOPIC FOCUS:
1. Evolution and acceptance of Cybersecurity insurance
a. Understanding risk & effect on businesses
i. Used to be major brands, now widespread.
ii. Risk recognized, business leaders looking to minimize risk
b. Describing changes in cybersecurity insurance
How coverages have evolved - not just for biggest companies
i. Insurers are working with (tech) companies to get it right
ii. Where is it going from here? Trends, specialty insurance
2. Describe insurance types/ specifics and how they perform when needed
. Not all policies are the same
a. What to look for
b. How they vary by type of business (Healthcare vs. Retail vs. Software Co.)
c. What gaps still remain (What can’t get covered?)
3. How to minimize cost, get most value for your company
. Some protections on your current policies
a. Gating elements - What the insurance companies want to see - how that might help costs
4. Best practices generally
Cyber crimes are growing rapidly and cyber liability insurance is the safest way for companies to stay harmless. Information security is expected by all the customers and loss of these information could cost a company loyal customers and financial crisis.
White paper cyber risk appetite defining and understanding risk in the moder...balejandre
Managing risk is a balancing act for organizations of all sizes and disciplines. While some organizations take on too much risk, others arguably do not take on enough. Complicating this equation is the emergence of cyber as one of the most impactful sources of risk in the modern enterprise
This Frost & Sullivan analyst report reveals how the legal and threat environment, combined with BYOD and cost factors, make multi-factor, risk-based authentication the logical approach to solving the security challenges posed by threat actors.
Managing and insuring cyber risk - coverage of insurance policiesIISPEastMids
Tim Johnson, a Cyber Insurance specialist from Browne Jacobson, looks in detail at what Cyber Insurance will cover businesses for and gave some tips on what to consider when deciding on a policy. Given as part of the East Midlands Cyber Security Forum on 21st May. More details at https://www.nexor.com/iisp-east-midlands/may-2015.
My article published in the Canadian Institute of Corporate Directors journal, Director, outlining why not only the CIO, but also the COO and CHRO have roles to play in effective cybersecurity leadership
Discussing Cyber Risk Coverage With Your Commercial Clients by Steve Robinson...Don Grauel
Steve Robinson of RPS Technology & Cyber presented "Discussing Cyber Risk Coverage With Your Commercial Clients" to the 68th Annual F. Addison Fowler Fall Seminar on October 17, 2014.
Data breach events result in significant losses each year. Our partners at Bonahoom & Bobilya, LLC, created a presentation about understanding the hidden regulatory risks of a data breach so you can keep your company from going out of business.
This presentation has been shared with permission.
This Frost & Sullivan analyst report reveals how the legal and threat environment, combined with BYOD and cost factors, make multi-factor, risk-based authentication the logical approach to solving the security challenges posed by threat actors.
Managing and insuring cyber risk - coverage of insurance policiesIISPEastMids
Tim Johnson, a Cyber Insurance specialist from Browne Jacobson, looks in detail at what Cyber Insurance will cover businesses for and gave some tips on what to consider when deciding on a policy. Given as part of the East Midlands Cyber Security Forum on 21st May. More details at https://www.nexor.com/iisp-east-midlands/may-2015.
My article published in the Canadian Institute of Corporate Directors journal, Director, outlining why not only the CIO, but also the COO and CHRO have roles to play in effective cybersecurity leadership
Discussing Cyber Risk Coverage With Your Commercial Clients by Steve Robinson...Don Grauel
Steve Robinson of RPS Technology & Cyber presented "Discussing Cyber Risk Coverage With Your Commercial Clients" to the 68th Annual F. Addison Fowler Fall Seminar on October 17, 2014.
Data breach events result in significant losses each year. Our partners at Bonahoom & Bobilya, LLC, created a presentation about understanding the hidden regulatory risks of a data breach so you can keep your company from going out of business.
This presentation has been shared with permission.
The Government of India has the Ministry of Panchayati Raj, which takes care of the progressing procedure of decentralization and neighborhood administration in the States.
Source(S): http://ajaychandrakar.com/
For digital media companies, effective cybersecurity programs a mustGrant Thornton LLP
In digital media trust is everything, without it your business model doesn’t work. Cybersecurity can be a key component, ensuring the integrity of your services. Check out this brief guide to securing your data.
A1 - Cibersegurança - Raising the Bar for CybersecuritySpark Security
In the past few years, a new approach to cybersecurity has emerged, based on the analysis of data on successful attacks. In this approach, continuous diagnostics and mitigation replace the reactive network security methods used in the past. The approach combines continuous monitoring of network health with relatively straightforward mitigation strategies. The strategies used in this approach reduce the opportunities for attack and force attackers to develop more sophisticated (and expensive) techniques or to give up on the target. In combination, continuous monitoring and mitigation strategies provide the basis for better cybersecurity.
The purpose of this paper is to review the topic of data breach from two perspectives: first, an overview of the trends in data breach litigation, and second, a more granular perspective of practical data protection processes that may serve as a guidepost to help reduce the risk of likelihood of data breach. Taken together the reader will understand why a measured approach to data protection can reduce the risk of financial liability from a data breach lawsuit.
1
2
Cyber Research Proposal
Cybersecurity in business
Introduction
Because of today's international economy, securing a company's intellectual property, financial information, and good name is critical for the company's long-term survival and growth. However, with the rise in risks and cyber vulnerability, most businesses find it difficult to keep up with the competition. Since their inception, most companies have reported 16% fraud, 37.7% financial losses, and an average of over 11% share value loss, according to data compiled by the US security. Most corporations and governments are working hard to keep their customers and residents safe from harm. There are both physical and cybersecurity risks involved with these threats. According to a recent study, many company owners aren't aware of the full scope of cybersecurity. People who own their businesses must deal with various issues daily.
Nevertheless, steps are being taken to address these issues. Customers and the company are likely to be protected by the measures adopted. Cybersecurity is one of the most pressing issues facing organizations today. Leaks of a company's intellectual property and other secrets may have devastating effects on its operations, as competitors and rivals will do all in their power to stop them. is an excellent illustration of this. This is perhaps the most talked-about security compromise of the year [footnoteRef:3]. The firm was severely damaged because of this. [1: "Database security attacks and control methods."] [2:q "Comprehending the IoT cyber threat landscape: A data dimensionality reduction technique to infer and characterize Internet-scale IoT probing campaigns."] [3: "The Equifax data breach: What cpas and firms need to know now." ]
Some individuals take advantage of clients by stealing highly important information to profit financially from their actions. For example, if the wrong individuals get their hands on your credit card information, you're in serious trouble since you might lose money. Some families lose all their resources, while others are forced to declare bankruptcy after being financially stable for a long period. Many of the findings of this study will be focused on cybersecurity and the sources of cybersecurity risks. The paper outlines a few of the issues and solutions that organizations may use to keep their operations and consumers safe from exploiting dishonest individuals.
Research question
According to the most recent study, more than 1500 companies have been exposed to some cybersecurity assault[footnoteRef:4]. This research details the specific types of attacks that have occurred. Organizational operations are affected, as is corporate governance, and the internal management of financial status is rendered ineffective due to these assaults. The question that will be investigated during the study is: [4: "Towards blockchain-based identity and access management for internet of things in enterprises."]
How doe ...
1
2
Cyber Research Proposal
Cybersecurity in business
Introduction
Because of today's international economy, securing a company's intellectual property, financial information, and good name is critical for the company's long-term survival and growth. However, with the rise in risks and cyber vulnerability, most businesses find it difficult to keep up with the competition. Since their inception, most companies have reported 16% fraud, 37.7% financial losses, and an average of over 11% share value loss, according to data compiled by the US security. Most corporations and governments are working hard to keep their customers and residents safe from harm. There are both physical and cybersecurity risks involved with these threats. According to a recent study, many company owners aren't aware of the full scope of cybersecurity. People who own their businesses must deal with various issues daily.
Nevertheless, steps are being taken to address these issues. Customers and the company are likely to be protected by the measures adopted. Cybersecurity is one of the most pressing issues facing organizations today. Leaks of a company's intellectual property and other secrets may have devastating effects on its operations, as competitors and rivals will do all in their power to stop them. is an excellent illustration of this. This is perhaps the most talked-about security compromise of the year [footnoteRef:3]. The firm was severely damaged because of this. [1: "Database security attacks and control methods."] [2:q "Comprehending the IoT cyber threat landscape: A data dimensionality reduction technique to infer and characterize Internet-scale IoT probing campaigns."] [3: "The Equifax data breach: What cpas and firms need to know now." ]
Some individuals take advantage of clients by stealing highly important information to profit financially from their actions. For example, if the wrong individuals get their hands on your credit card information, you're in serious trouble since you might lose money. Some families lose all their resources, while others are forced to declare bankruptcy after being financially stable for a long period. Many of the findings of this study will be focused on cybersecurity and the sources of cybersecurity risks. The paper outlines a few of the issues and solutions that organizations may use to keep their operations and consumers safe from exploiting dishonest individuals.
Research question
According to the most recent study, more than 1500 companies have been exposed to some cybersecurity assault[footnoteRef:4]. This research details the specific types of attacks that have occurred. Organizational operations are affected, as is corporate governance, and the internal management of financial status is rendered ineffective due to these assaults. The question that will be investigated during the study is: [4: "Towards blockchain-based identity and access management for internet of things in enterprises."]
How doe ...
The Protected Harbor 2022 Legal Services Data Breach Trend Report (2).pdfProtected Harbor
Protected Harbor's 2022 Legal Services Data Breach Trend Report is a comprehensive analysis of the evolving cybersecurity landscape in the legal industry. This report offers valuable insights into emerging trends, challenges, and opportunities that legal professionals and firms may encounter in the year ahead. Through in-depth research and expert analysis, it sheds light on the impact of technological advancements, changing regulations, and client expectations on legal services. Stay ahead of the curve with this indispensable guide to the future of legal services.
Secrets to managing your Duty of Care in an ever- changing world.
How well do you know your risks?
Are you keeping up with your responsibilities to provide Duty of Care?
How well are you prioritising Cybersecurity initiatives?
Liability for Cybersecurity attacks sits with Executives and Board members who may not have the right level of technical security knowledge. This session will outline what practical steps executives can take to implement a Cybersecurity Roadmap that is aligned with its strategic objectives.
Led by Krist Davood, who has spent over 28 years implementing secure mission critical systems for executives. Krist is an expert in protecting the interconnectedness of technology, intellectual property and information systems, as evidenced through his roles at The Good Guys, Court Services Victoria and Schiavello.
The seminar will cover:
• Fiduciary responsibility
• How to efficiently deal with personal liability and the threat of court action
• The role of a Cybersecurity Executive Dashboard and its ability to simplify risk and amplify informed decision making
• How to identify and bridge the gap between your Cybersecurity Compliance Rating and the threat of court action
This presentation focuses to the rising prominence of insurance considerations—and more particularly—to legal aspects of insurance as it relates to cybersecurity and privacy.
The presentation defines "Cyber and Privacy Insurance” and organizes such insurance into four main types of cyber insurance coverage: data breach and privacy management coverage, multimedia liability coverage, extortion liability coverage, and network security liability coverage. With these definitions, the presentation then gives snapshot of how the Cyber Insurance Market Is Maturing, its participants, costs, and related attributes.
Consideration is given to the importance of defined terms, before launching into difficulties that providers and users have relative to measuring, modeling, and pricing cyber insurance risk. Particular attention is given to the language of “claims” and how to navigate through associated risk/cost analyses and cost structures.
Additionally, general considerations, pre-conditions, cost of compliance, business interruption, governing board oversight and related issues are brought together is a cohesive manner.
Before the Breach: Using threat intelligence to stop attackers in their tracks- Mark - Fullbright
All information, data, and material contained, presented, or provided on is for educational purposes only.
Company names mentioned herein are the property of, and may be trademarks of, their respective owners.
It is not to be construed or intended as providing legal advice.
Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only.
17 U.S. Code § 107 - Limitations on exclusive rights: Fair use
Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright.
Cyber insurance is probably one of the top security measures each organization, big corporations, and Small and Medium Enterprises (SMEs) should look up to when it comes to a cybersecurity data breach. https://cyberpal.io/
Can We Avert A Cyber-Insurance Market Crisis?Ethan S. Burger
This presentation examines to what extent that cyber-insurance can be a useful tool to manage the risks and harms caused by massive cyber-attacks from the national as opposed to enterprise standpoint --
2018 april - aba legal construct for understanding adversarial cyber activit...Ethan S. Burger
A Legal Construct for Understanding Adversarial Cyber Activities. This Presentation examines the international law applicable to cyber-operations in the public policy context. It draws attention to when existing legal principles cannot readily be applied to cyber-attacks. It identifies problems presented by politicians and international lawyers not having a common vocabulary
Russian [State] Organized Crime: Principal or Agent. Many people assert that Russia "is a criminal state." This presentation examines the relationship between the ruling Russian elite and organized crime, a distinction that is often gray. This presentation also sets out the legal framework for understanding Russian Organized Crime
Complacency in the Face of Evolving Cybersecurity Norms is Hazardous
1. Complacency in the Face of Evolving Cybersecurity Norms is
Hazardous (Part 1)
Ethan S. Burger
and
Thomas W. Welch, Legaltech News
March 21, 2016
Image by Yuri Samoilov
The following is part one of a two-part series.
Summary
Given the constantly evolving legal requirements and changing technology, the business
executives and board of directors members are often reluctant to adopt policies that require a
high-level of corporate-wide commitment. Expenditures on cybersecurity may not have concrete
and identifiable benefits nor generate revenues. Corporate inertia with respect to implementing
rigorous cyberdefense is understandable.
There are very large number of unknowns. Corporate decision-makers often receive a great
amount of contradictory advice. The C-suite needs to think and act strategically. Cybersecurity
2. challenges will not go away if ignored. The threat demands action and policies consistent with
the corporation’s profile and its sector's norms.
Failing to take such action means greater regulatory and litigation risk, irrespective of whether
the cybersecurity posture adopted will be effective in defending against cyberattacks.
Noncompliance with cybersecurity norms are likely to damage the corporation’s reputation in
the marketplace and with customers, suppliers, and other business partners. The corporation
needs well thought out policies that include plans to respond to cyberattacks and to recover from
them.
These policies should be responsive to regulatory requirements and not have negative
consequences should the company become a defendant in a lawsuit. It should not be overlooked
that victims of cyberattacks may have claims against persons other than the attacker, who is
unlikely to be apprehended or even identified.
The private sector’s rather limited experience with cyberattacks, may lead to some corporations
overly relying on information and recommendations supplied by persons who are likely to
promote their agenda rather than be concerned with what its best for the corporation, especially
in the case of small and medium enterprises.
Introduction
In 2015, global losses due to cybercrime have probably exceeded $400 billion. Admitted
cyberattacks have been directed against retailers (Home Depot and Target), financial and
insurance institutions (Anthem, Bank of
America, J.P. Morgan, and Wells Fargo), governmental bodies (FBI, IRS, and the FBI), hospitals
(Boston Children’s Hospital and Hollywood Presbyterian Medical Center), and infrastructure,
including vital communications, energy distribution, and transportation networks.
There is a general consensus in both the private and public sectors that the cybersecurity problem
is acute and getting worse. The many publicized reports and warnings are just the tip of the
proverbial iceberg, however, as many companies are reluctant to acknowledge their exposures.
Nonetheless, many businesses do not seem to be aware of the risks, or the potential consequences
for not taking basic precautions. Inaction increases their exposure to liability for harm caused to
third-parties and susceptibility to government-imposed sanctions for failing to observe legal
norms or generally-accepted practices.
Those carrying out cyberattacks vary in motivations and capabilities. Managers must prepare
their organizations for what seems to be the inevitable and diverse types of cyberattacks. For
institutional and other reasons, many enterprises have not responded in a systematic manner to
the threat.
Comprehensive, viable approaches must be developed to deal with a wide range of potential
threats. Executives and board of directors members may have been understandably reluctant to
adopt comprehensive defensive measures against cyber-attacks, but they must – and right now.
3. This article explores some practical and legal issues that corporations are likely to encounter in
this rapidly changing environment.
Cyberattacks and their Motivations
Cyberattacks are very difficult to defend against; in particular: denial of service (DoS); and,
distributed denial of service (DDoS) attacks. Cyberattacks can be used as a weapon to degrade,
disrupt, steal data used for the commission of financial crimes including espionage, identity theft,
and of greatest concern seizing control of their target’s computer and IT systems. They may also
have political motivations.
The goal of a DoS attack is to flood a website so that it is not able to accept legitimate traffic. A
DDoS attack is more complex. While the objective to some extent it similar, here the incoming
traffic is sent from many different sources making it more difficult for the target website to
identify and block incoming traffic.
DDoS involves sending a huge volume of incoming contacts to the website, often the hundreds
of thousands, so that it is impossible to defend against the attacks. In DDoS attacks it is not
possible to identify and block the large number of attackers since they have different IP
addresses.
Often these attacks are from victims of prior successful attacks. The victims of a DDoS attack
include both the end targeted system and all systems maliciously used and controlled by the
hacker in the distributed attack. Generally, the attacker identifies and infects other vulnerable
systems using malware which can be instructed to attack a particular website.
There remains a paucity of reliable data in this area for management and boards of directors to
make decisions relating to cybersecurity. The data at present is fairly incomplete.
The most dangerous form of cyberattack are attacks against the organizations’ supervisory
control and data acquisition (SCADA) networks. SCADA are the computers and applications
that perform vital functions in providing essential services and commodities. In certain respects,
successful cyberattacks can cause damage traditionally caused only by kinetic weapons.
Like many others, federal experts believe that small and medium businesses (SMEs), particularly
those that possess a large number of records that include valuable information provided by
others, might be priority targets for criminals. SMEs represent attractive targets since they
frequently lack the necessary hardware and software (“tools”), personnel, practices, and
procedures for self-defense. The data obtained from such attacks may be precursors for
subsequent cyberattacks.
Ironically, SMEs often believe their risk of cyberattacks is low, even though they are more
vulnerable to cybertargets than larger entities. This may lead small and medium enterprises to
underestimate the cyberthreats they faced. Their defense posture may be limited given the
expenses involved.
4. Governmental Action and Inaction
Increasingly, government entities have made efforts to reach out to all types and sizes of
businesses. The government wants businesses to better understand the nature of the threats they
face, and actions they might take to reduce their vulnerability and the relevant rules they are
expected to observe.
At present, there seems to be divergences between the law as written and as carried out. The U.S.
National
Institute for Standards and Technology’s Framework for Improving Critical Infrastructure
Cybersecurity (Framework) clearly states that it is to serve only as “guidance” for the private
sector; yet the U.S. Securities and Exchange Commission, and U.S. Federal Trade Commission
in certain circumstances, has acted as if the Framework constitutes binding, official standards,
which if not followed can result in the imposition of sanctions. (See Federal Trade Commission
v. Wyndham Worldwide Corporation, where the FTC alleged that, at least since April 2008,
Wyndham engaged in unfair cybersecurity practices that, "taken together, unreasonably and
unnecessarily exposed consumers' personal data to unauthorized access and theft.")
State regulators, insurers and courts may soon act similarly. Consequently, enterprises may have
to identify deeper pockets for money to cover protective or remedial measures, or a portion of
their losses or expenses needed to comply with governmental dictates.
Of course, the government’s credibility on this topic is questionable given that they have
incurred a large number of significant cyberattacks. Certain agencies, such as the FDA, who
themselves have been hacked multiple times, (and continue to be attacked almost daily) have
only recently promulgated new standards for medical devices.
Exposure From Cyberbreaches and the Release of Personal or Confidential Information
As a result of breaches of cyberdefense, criminals and others frequently obtain personal data of
individuals held by certain companies. These cases have triggered a wave of litigation against
entities that released others’ private or confidential information; note that other countries’
requirements, such as those of the European Union, may be more demanding that the rules in the
U.S.
Often, it is difficult to predict the size of the damages that persons whose identities have been
compromised or entities whose intellectual property has been disseminated will be entitled to
compensation. The amount of money a company might be liable to third parties is very case
specific and unpredictable.
A victimized business should never be a complacent victim. Even if liability cannot be
established on the merits, in courts or in arbitral bodies, the defendant in any case may have
reasons to resolve a dispute for reputational or other reasons—such as the fear of losing business.
Part two of this article will explore the effectiveness of cyberinsurance and how to increase
cybersecurity.
5. Ethan S. Burger is a Washington-based attorney and academic, who is a senior fellow for
cybersecurity law at Kogod's Cybersecurity Governance Center.
Thomas Welch is an attorney, managing director of the American International Regulatory
Coherence Institute and a former associate director with the U.S. Food and Drug Administration.