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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. Insurers Assessing Risks.

Insurance 128
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Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. The Act is designed to “establish standards for data security and for the investigation and notification to the Superintendent of Insurance of a cybersecurity event.”.

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Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. The Act defines licensees as persons authorized, registered, or licensed under Michigan insurance laws or required to be so. 6491 (Act). MCL § 500.550.

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Connecticut Tightens its Data Breach Notification Laws

Data Protection Report

The amendment: Expands the definition of “personal information”; Shortens the notification deadline after discovery of a breach from 90 to 60 days; Removes the requirement to consult with law enforcement as part of a risk assessment; Deems compliant any person subject to and in compliance with HIPAA and HITECH; and.

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RSAC insights: CyberGRX finds a ton of value in wider sharing of third-party risk assessments

The Last Watchdog

Back in the mid-1990s, big banks and insurance companies came up with something called “bespoke assessments” as the approach for assessing third party vendor risk. No one, save threat actors, was paying close attention to the ramifications of granting a myriad of small- and mid-sized contractors privileged access inside the company firewall.

Risk 195
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New York hospitals have new cybersecurity requirements

Data Protection Report

The regulation includes elements of both the Health Insurance Portability and Accountability Act (HIPAA) and the New York Department of Financial Services (NYDFS) cybersecurity regulation. The 72-hour notification requirement is similar to the NYDFS regulation.

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Written IT Security Policies: Why You Need Them & How to Create Them

eSecurity Planet

IT practitioners sometimes become confused about the definition of a security policy because security practitioners use the word “policy” as terminology for two very different purposes: Implemented IT policies incorporated into operating system, firewall, or network rules. Written Policies vs. Implemented IT Policies. Start Writing.

IT 123