Thursday, March 7, 2013

Insurance and Cybersecurity Regulations

Insurance Cybersecurity Regulations – What Insurance Coverage Do You Need? | Gilbert LLP - JDSupra: " . . . Companies should act now to protect themselves from such losses, including examining their insurance portfolios to ensure that adequate insurance coverage currently exists. If a company does not have stand-alone coverage for cyber risk, companies should highly consider acquiring cyberliability policies that can protect against either third-party or first-party losses, or both. Third-party cybersecurity policies may provide coverage for:
  • liability for permitting access to identifying information of customers;
  • transmitting a computer virus or malware to a third-party customer or business partner;
  • failing to notify a third party of their rights under the relevant regulations in the event of a security breach; and
  • potential “advertising injury,” i.e., harms through the use of electronic media, such as unauthorized use or infringement of copyrighted material, as well as libel, slander, and defamation claims. . . . "
Andreessen Horowitz, Greylock And Norwest Back Stealthy Cyber Security Startup Founded By NSA Engineers, Morta | TechCrunch: ". . . .“Sophisticated cyber threats are a significant and growing concern for both commercial and government organizations,” said Asheem Chandna of Greylock Partners in a release. “Morta is focused on developing a new category of innovative technology solutions that can help customers better defend themselves from cyber threats.” Morta has identified a real problem that both governments and companies face—cyber attacks. Just last week, The New York Times and Wall Street Journal revealed that both were the victims of cyber security breaches by Chinese hackers. There are a number of startups, including Bit9, that are trying to disrupt the space, but it should be interesting to see what Morta can do differently with its talent expertise. . ."

Security firm releases screen capture video of alleged Chinese military hackers at work - The Next Web: "While Chinese officials have dismissed the claims of state-sponsored hacking as “groundless”, numerous media organizations, including Bloomberg and The Wall Street Journal, and companies have come forward to state that they faced similar attacks. The PLA has long been suspected of orchestrating complicated cyber-attacks against foreign governments and corporations, but public evidence backing up those suspicions has been lacking. As such, Mandiant’s report stands as some of the most compelling proof of the Chinese hacking apparatus available to civilians." Access the full report here.

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