Five years ago, the Securities and Exchange Commission adopted a rule requiring investment firms to pay attention to identity theft. It never enforced it — until late last month. In a cease-and-desist order against Voya Financial Advisors, the investment advisory unit of Voya Financial, the commission used the “Identity Theft Red Flags Rule” to censure… Continue reading SEC Dusts Off a Never-Used Cyber Enforcement Tool
Tag: cyber liability
Google Exposed User Data, Feared Repercussions of Disclosing to Public
Google exposed the private data of hundreds of thousands of users of the Google+ social network and then opted not to disclose the issue this past spring, in part because of fears that doing so would draw regulatory scrutiny and cause reputational damage, according to people briefed on the incident and documents reviewed by The… Continue reading Google Exposed User Data, Feared Repercussions of Disclosing to Public
Facebook Hack Could Result in GDPR Compensation
A law firm in the UK has said that the security incident, which left 50 million user accounts exposed to hackers, could see the first major compensation claims under the new GDPR. Speaking to newspaper The Sun, Gareth Pope, head of group litigation at law company Slater and Gordon, said that anyone who had been… Continue reading Facebook Hack Could Result in GDPR Compensation
Alliant Joins Everest Re to Help Hedge Funds with Cyber Security
Hedge funds can spend years crafting a trading algorithm or a strategy to keep ahead of competitors. A Stone Point Capital-backed insurance broker is offering to help protect those trade secrets, and their fees, from a cyber attack. Alliant Insurance Services Inc. announced coverage and services that help hedge funds evaluate readiness for an attack.… Continue reading Alliant Joins Everest Re to Help Hedge Funds with Cyber Security
FDA Issues ‘Playbook’ to Providers for Medical Device Cybersecurity
The Food and Drug Administration on Monday announced the launch of a preparedness and response “playbook” for healthcare delivery organizations to address threats to medical device cybersecurity. The document, developed by MITRE Corp. under contract with the FDA, provides a framework for providers to plan for and respond to cyber incidents involving medical devices as… Continue reading FDA Issues ‘Playbook’ to Providers for Medical Device Cybersecurity
Big U.S. Banks Face Increase in Attempted Cyberattacks
Some large U.S. banks have seen an uptick in attempted cyberattacks in recent weeks, according to people familiar with the matter, at a time when federal officials are stepping up warnings to banks about cyberthreats. The federal officials have asked the banks—which include Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells… Continue reading Big U.S. Banks Face Increase in Attempted Cyberattacks
Innovative Moves Signal Zurich’s Increased Commitment to Cybersecurity Solutions
Zurich has made several key moves in recent weeks, continuing its commitment to helping businesses protect themselves from – and become more resilient to – cyber-related risks. The moves include creation of a dedicated, in-house cyber risk engineering team — a resilience-related first in the industry — as well as the addition of a new… Continue reading Innovative Moves Signal Zurich’s Increased Commitment to Cybersecurity Solutions
Over 60% of Insurance Experts Expect Higher Cyber-Related Losses Over Next 12 Months
Insurance companies are expecting increased cyber-related losses across all business lines over the next 12-months, driven by increasing reliance on technology and high-profile cyber-attacks, according to the annual Silent Cyber Risk Outlook global survey from Willis Re, the reinsurance division of leading global advisory, broking and solutions company Willis Towers Watson. The survey reveals that… Continue reading Over 60% of Insurance Experts Expect Higher Cyber-Related Losses Over Next 12 Months
Businesses Fear Cyberattacks, Phishing During Hurricanes
Hurricane Florence could make companies vulnerable to cyberattacks as firms race to protect computer systems and networks ahead of the storm expected to hit the Southeast U.S. Friday, cybersecurity experts say. Corporate technology managers should expect more phishing attacks and intrusion attempts as cybercriminals target companies that are moving computers to fallback sites and switching… Continue reading Businesses Fear Cyberattacks, Phishing During Hurricanes
EU Advances on Copyright Bill Opposed by Silicon Valley
The European Parliament on Wednesday adopted a draft copyright bill with provisions aimed at forcing tech giants to pay more to media companies for music and news content that is used on their platforms. The vote, which was delayed for several months amid intense lobbying from publishers and internet companies, sets the parameters for negotiations… Continue reading EU Advances on Copyright Bill Opposed by Silicon Valley