Cybergovernance Journal Update – 10/28/16

by | Oct 28, 2016

The insurance industry moving into the cybersecurity arena means the reduction of risk has to become more of a science than art.

How Cyber Risk Will Evolve D&O

Cybergovernance Journal, Oct. 24
The fallout from the recently discovered two-year-old Yahoo breach is substantial. The magnitude of losses in recent years from cyber breaches – through consumer class actions, customer data loss, and reputational damage – has significantly increased the exposure D&O insurers face, and it is becoming an issue for underwriters…

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Cyber in the Boardroom: Balancing Risk and Oversight

Lexology, October 24
Whether the Cybersecurity Disclosure Act of 2015 ever gets legislative traction is a post-election question. But if the newly released requirements from federal and state banking regulators are any indication, cybersecurity should be on the agenda at the next board meeting of companies, large or small…

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Cybereye: Moving Cybersecurity From Art to Science

GCN, October 21
When it comes to cybersecurity and the ability to catch threats in the early stages before they can much damage, where does government stand? The Government Accountability Office, for example, recently came out with a report that pointed out the number of cyber incidents affecting federal agencies rocketed to over 77,000 in 2015 compared to just 5,503 in 2006. That’s more than a 1,300 percent increase…

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Cheat Sheet: Regulators Target Interconnectedness in Sweeping New Cyber Plan

American Banker, October 19
As enforceable standards, the proposal would have more teeth than the Federal Financial Institutions Examination Council’s Cybersecurity Assessment Tool, which is voluntary, but the plan is less expansive than the National Institute of Standards and Technology’s cybersecurity framework because it would only apply to the largest firms…

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Senator Warner: Procurement and Personnel Key for Cyber

cyberscoop, October 23
“We need to move away … from the least cost approach to a more flexible purchasing approach that looks at value and looks more in-depth at technology,” he said. “In a field that moves as quickly as cyber does, the idea that you’ve got to go through a whole procurement process … By the time you get through a bid process for a solution set, the chances are the problem has … moved on…”

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FBI Cyber-Risk Expert Joins Aon Insurance-Brokerage Unit

Wall St. Journal, October 24
World-wide, property-casualty insurers sold an estimated $2 billion to $3 billion in cyber-risk coverage in 2015, and many executives believe the area will continue to grow at a time when many traditional business lines have more sluggish outlooks. At the same time, many insurers are limiting the amount of cyber coverage they currently sell because the risks are so new and evolving…

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