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Privacy & Cybersecurity Update - February 2021 | Skadden, Arps, Slate, Meagher & Flom LLP


New York Department of Financial Services Issues First-of-Its-Kind Cyber Insurance Risk Framework
On February 4, 2021, the New York Department of Financial Services (DFS) issued Circular Letter No. 2, which introduced a Cyber Insurance Risk Framework directed to New York-regulated property/casualty insurers that outlines best practices for managing cyber insurance risk. The framework is the first-ever guidance by a U.S. regulator on cyber insurance.
Background
In its introduction to the framework, DFS noted that as cybercrime continues to increase for all organizations, cyber insurance is playing an increasingly important role in managing and reducing cyber risk. While cybercrime in general is on the rise, DFS reported that the “biggest driver” of the increase was the frequency and cost of ransomware attacks. According to a 2020 DFS survey, from early 2018 to late 2019 the number of insurance claims that arose from ransomware increased by 180%, and the average cost ....

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New Year, New Technology Priorities | Ward and Smith, P.A.


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In February 2021, the National Institute of Standards and Technology ( NIST ), which is a subdivision of the Department of Commerce in the United States Government, announced its nine priorities for the coming year.
While its guidance is voluntary, businesses would be well advised to follow NIST s lead, as it has become the gold standard for general Privacy and Data Security compliance in the United States.
Whether business leaders want to keep their regulators unconcerned, their clients happy, or their brand strong with regard to Privacy and Data Security, they ll need to know about NIST s new focuses. ....

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