Myth Busting Cyber Claims: There is More Than One Way to Manage a Cyber Claim

Amid the changing cyber-threat landscape, most businesses still believe that lawyers are better equipped to deal with high-stakes and high-stress scenarios involving cyber incident management.

What are the drawbacks of lawyer-led cyber claim project management? Why should companies take a situational approach to cyber claim management instead of following a one-size-fits-all model? Find out in CyberScout’s and Advisen’s free, 6-page paper Myth Busting Cyber Claims: There is more than one way to manage a cyber claim.

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

CyberScout | Advisen Ltd. May 2018. Myth Busting Cyber Claims: There is more than one way to manage a cyber claim [White Paper].

US Senators Push for Jail Time for Executives Who Conceal Data Breaches

Fueled by anger over recent high-profile security breaches, congressional lawmakers on Nov. 30 filed a bill to potentially subject executives at organizations that do not disclose breaches to up to five years of jail time.

Members of the United States Senate Commerce Committee introduced a bill to propose prison sentences for any executives that conceal data breaches that cause any individual to lose more than $1,000. The bill, called the Data Security and Breach Notification Act, would also implement nationwide data breach notification standards, a topic that garnered significant attention during congressional hearings over breaches at Equifax, Yahoo, and Uber.

Erin Ayers, US senators push for jail time for executives who conceal data breaches (December 4, 2017), available with subscription at Advisen Cyber Front Page News.

Equifax Breach Renews Calls for National Data Breach Standards

A series of congressional hearings focused on the Equifax data breach came with a call for a national data breach notification from the head of the US House of Representatives Financial Services Committee.

“If you are hearing my voice, you are either the victim of the breach or you know someone who is. That`s how massive this breach was,” said Rep. Jeb Hensarling (R-TX). “The criminals got basically everything they need to steal your identity, open credit card accounts in your name and cause you untold frustration and financial calamity.

Erin Ayers, Equifax breach renews calls for national data breach standards (October 9, 2017), available with subscription at Advisen Cyber Front Page News.

What’s Trending in Cyber Liability Claims for Financial Institutions?

April 2017

Cyber-criminals are increasingly targeting smaller financial institutions, according to data from Nationwide and Advisen Ltd. In this infographic, the two companies show that while 53 percent of cyber incidents in the past five years affected larger companies or those with annual revenues greater than $1 billion, hackers are increasingly going after smaller firms.

This and more findings are featured in What’s Trending in Cyber Liability Claims for Financial Institutions?, an infographic that looks at the types of cyber incidents and sources of data loss. Nationwide and Advisen also examine the percentage increases in malicious data breaches and network disruptions.

Click here to download the full infographic: http://www.advisenltd.com/2017/04/07/whats-trending-cyber-liability-claims-financial-institutions/

Nationwide. Advisen Ltd. April 2017. What’s trending in cyber liability claims for financial institutions? [Infographic].

Home Depot to Pay $25 Million to Settle Data Breach Lawsuit by Banks

Home Depot has reached an agreement to pay $25 million to banks and credit unions to settle a lawsuit over the retailer’s 2014 data breach.

The lawsuit and settlement represent the consolidation of over 25 class actions against Home Depot by 50 financial institutions. The banks claimed that lax security practices led to Home Depot’s breach of information from an estimated 56 million payment cards.

“Investigation revealed hackers placed malware on Home Depot’s self-checkout kiosks in stores across the country, allowing them to steal customers’ personal financial information, including names, payment card numbers, expiration dates, and security codes,” noted the US District Court for the Northern District of Georgia in its discussion of the settlement, which still requires final approval.

Erin Ayers, Home Depot to pay $25 million to settle data breach lawsuit by banks (March 20, 2017), available with subscription at Advisen Cyber Front Page News.

The Next Wave of Cyber Regulation

February 2017

The New York Department of Financial Services’ (NYDFS) cybersecurity rules, the European Union Global Data Protection Regulation (GDPR), and the E.U.-U.S. Privacy Shield are some of the recently introduced or updated pieces of cyber regulation featured in a paper released by Advisen. Sponsored by CyberScout, the 7-page paper examines commonalities in these regulations, discusses steps toward compliance, and provides guidance for remaining compliant and competitive worldwide.

Learn more about the paper and download it here: http://www.advisenltd.com/2017/02/27/next-wave-cyber-regulation/

Advisen Ltd | CyberScout (2017). The Next Wave of Cyber Regulation [White Paper]. Retrieved from http://www.AdvisenLtd.com

Data Breach Response Guide

January 2017

Experian Data Breach Resolution released the 2016-2017 edition of the Data Breach Response Guide, a useful tool for every organization looking to improve its security posture. The free, 27-page paper offers a step-by-step guide on data breach management including creating an incident response plan, practicing the plan, responding to a data breach, and auditing the plan.

Learn more about the paper and download it here: http://www.advisenltd.com/2017/01/26/data-breach-response-guide/

Experian | Advisen Ltd. (January 2017). Data Breach Response Guide [White Paper]. Retrieved from http://www.AdvisenLtd.com

2017 Data Breach Industry Forecast

November 2016

Advisen and Experian released an annual white paper that outlines five predictions for the data breach industry in the coming year. The 2017 Data Breach Industry Forecast is intended to shed light on emerging trends that companies should know about and prepare for. The free, 10-page report offers industry predictions that are rooted in Experian’s history of helping companies navigate more than 17,000 breaches over the last decade.

Cyber Threats and Trends to Look Out For

Aftershock password breaches will expedite the death of the password. This is one of the data breach trends outlined by Experian in the 2017 Fourth Annual Data Breach Industry Forecast.

Read and download the paper @ http://www.advisenltd.com/2016/11/16/2017-data-breach-industry-forecast/

Advisen Ltd. (November 2016). 2017 Data Breach Industry Forecast [White Paper]. Retrieved from http://www.AdvisenLtd.com

Bridging the Gap: How Cyber Practices & Data Breaches are Connected

November 2016

Advisen and BitSight released a report that presents how organizations reduce their cyber risk by embracing responsible cybersecurity practices throughout their networks. It features an analysis of the cybersecurity posture of organizations of all sizes and in all industries and looks at how cybersecurity practices can offer insight into whether a breach may occur.

These details and more are featured in the free, 6-page paper Bridging the Gap: How Cyber Practices & Data Breaches are Connected.

Read and download the paper @ http://www.advisenltd.com/2016/11/17/bridging-the-gap-how-cyber-practices-data-breaches-are-connected/

Advisen Ltd. (November 2016). Bridging the Gap: How Cyber Practices & Data Breaches are Connected [White Paper]. Retrieved from http://www.AdvisenLtd.com

2016 Information Security and Cyber Risk Management Survey

Advisen wrote a white paper that presents the results of “The Sixth Annual Survey on the Current State of and Trends in Information Security and Cyber Risk Management”. The survey conducted by Advisen and Zurich North America focuses on the current push by businesses to become resilient against information security threats and how the insurance industry plays a vital role.

The free, 13-page paper is sponsored by Zurich.

Read and download the paper @ http://www.advisenltd.com/2016/10/26/2016-information-security-and-cyber-risk-management-survey/

Advisen Ltd. (October 2016). 2016 Information Security and Cyber Risk Management Survey [White Paper]. Retrieved from http://www.AdvisenLtd.com