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Cyber Risk

The Importance of Strategic Vendors in Breach Response

January 25, 2016 By Karen Sanzaro and James Harvey

Alston & Bird recently issued an Advisory, co-authored by Jim Harvey and Karen Sanzaro, on the complexities of managing a data breach that implicates strategic third party vendor relationships. Cybercrime and data security incidents are on the rise.  Security breaches and the ensuing investigation and remediation process can be costly and complex.  The process is […]

Filed Under: Advisories, Cyber Risk, Data Breach, Regulation Tagged With: Third Party Service Provider

Moody’s Identifies Cyber Risk As Key Factor in Credit Ratings

November 30, 2015 By Privacy, Cyber & Data Strategy Team

In a report released November 23, Moody’s Investors Service announced that the implications of cyber threats could start taking a higher priority in its credit analysis. Moody’s said it views cyber threats as similar to other extraordinary event risks, such as a natural disaster. “While we do not explicitly incorporate cyber risk as a principal […]

Filed Under: Cyber Risk, Cybersecurity, Data Security

FFIEC Warns of Increase in Cyber Attacks Involving Extortion, Encourages Financial Institutions to Develop Response Programs

November 10, 2015 By Privacy, Cyber & Data Strategy Team

Last week, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement warning of an “increasing frequency and severity of cyber attacks involving extortion.” The statement warned that criminals have been extorting financial institutions using a variety of tactics, including denial of service attacks, theft of sensitive information, and use of “ransomware,” which is […]

Filed Under: Cyber Risk, Cybercrime, Data Breach, Data Protection, Enforcement, Financial Privacy, Regulation, Security Breach

The Supreme Court To Resolve Whether a Violation of a Statutory Right Confers Article III Standing

May 1, 2015 By Donald Houser

The Supreme Court’s recent decision to hear the appeal in Spokeo, Inc. v. Robins may have significant implications for data breach litigation in particular and consumer class action litigation generally. At issue is whether a plaintiff who has suffered no actual injury or harm nonetheless has standing under Article III of the United States Constitution […]

Filed Under: Cyber Risk, Cybersecurity, Data Breach, Privacy Litigation, Security Breach

New York State Regulator to Examine Insurers on Cybersecurity Following Comprehensive Risk Assessments

April 7, 2015 By Privacy, Cyber & Data Strategy Team

On March 26, 2015, Benjamin Lawsky, Superintendent of the New York State Department of Financial Services (DFS), sent a letter to the CEOs, General Counsel, and Chief Information Officers of all insurers doing business in the state to inform them of a mandatory cybersecurity questionnaire and the initiation of targeted cybersecurity examinations.  Approximately 160 insurers […]

Filed Under: Cyber Risk, Cybersecurity, Regulation

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