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NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing. Actual Actuarial Validity.

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Cyber insurance: A guide for businesses

IT Governance

That’s why they organisations increasingly relying on cyber insurance policies to cover the costs when data breaches and cyber attacks occur. But just how helpful is cyber insurance? What is cyber insurance? How does cyber insurance work? What does a cyber insurance policy cover? Who needs cyber insurance?

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CISCO 2020 Privacy Benchmark Study Measures Return on Investing in Privacy Accountability

Hunton Privacy

On January 27, 2020, CISCO released its 2020 Data Privacy Benchmark Study entitled “From Privacy to Profit: Achieving Positive Returns on Privacy Investments” (the “Study”). More than 2,500 respondents took part in the Study from across 13 countries. The average ratio of benefits to privacy spend was 2.7:1 worth of benefit).

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The False Economy of Deprioritising Security

IT Governance

A 2022 Proofpoint study found that 76% of UK board members believed their organisation to be at risk of a material cyber attack in the next 12 months – higher than the global average of 65%. However, the 2023 edition of that study found that this had dropped to 44% in the UK, whereas the global average had climbed to 73%.

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How One Company Survived a Ransomware Attack Without Paying the Ransom

eSecurity Planet

Cyber Insurer Provides Help. As Spectra Logic had the foresight to take out cyber insurance , Chubb representatives were professional and helpful, according to Mendoza. Chubb set the company up with Ankura, a cybersecurity recovery specialist that has also trained the FBI on cybersecurity. Most had been infected.

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GUEST ESSAY: Why the next round of cyber attacks could put many SMBs out of business

The Last Watchdog

A 2018 study by the Ponemon Institute showed that 67 percent of SMBs experienced a cyber attack. While large corporations can get cyber security insurance and engage legions of consultants, the question is: what can the average SMB do to prepare for and protect themselves from a potential cyberattack – at a price they can afford?

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How threat hunters stay informed and collaborate 

OpenText Information Management

A recent study by The CHISEL Group at the University of Victoria sheds light on the collaboration and information-sharing practices of threat hunters. Externally, they collaborate with clients, cybersecurity insurance companies, and supply chain vendors, and other connections in the industry.