As we reported last week, Judy Selby has joined BDO Consulting from BakerHostetler to build up the company’s cybersecurity and cyber-insurance practice. As a managing director of technology advisory services for BDO Consulting, she will help companies address cybersecurity risks and transfer those risks through insurance.
As we welcome in 2016, awareness of the variety of information-related risks confronting today’s enterprises, and the availability of insurance covering those risks, is at an all time high. High profile data breaches caused by negligent or non-compliant employees and hackers, ransomware attacks, and social engineering scams have motivated many companies to transfer some of their cyber risks with cyber insurance. But companies that also take steps to better manage their information assets not only improve their cyber risk profile; they also put themselves in better position to secure more favorable cyber insurance coverage terms and rates. [Read more…]
Editor’s Note: The author of this post is a fellow at CodeX: The Stanford Center for Legal Informatics.
By Monica Bay, Fellow, CodeX: The Stanford Center for Legal Informatics.
Think you don’t need cyber insurance? Think again.
Big Law is a big target for cyber thieves, experts warn. For starters, law firms are viewed by criminals as low-hanging fruit — because firms are perceived as having “relatively lax security as compared with their sophisticated corporate clients,” said Roberta Anderson, a partner at K&L Gates, and co-founder of the firm’s Cyber Law and Cybersecurity practice group.
Big Law firms have treasure troves full of the exact kind of data that sophisticated cyber criminals seek: protected, personally identifiable information and protected health information. On top of that, “law firms typically are a repository for valuable corporate data, including intellectual property, such as patents and trade secrets, information about important M&A activity, and other sensitive data,” said Anderson. [Read more…]
Earlier this month, the Department of Justice announced the indictment of 13 individuals associated with the hacker organization Anonymous for a widespread scheme to disrupt and shut down commercial and government websites. Using cybercrime techniques known as Distributed Denials of Service (DDoS) attacks, the hackers “executed a coordinated series of cyber-attacks against victim websites by flooding those websites with a huge volume of irrelevant Internet traffic with the intent to make the resources on the websites unavailable to customers and users of those websites.” Targets of these disruptive attacks included the U.S. Copyright Office, the British Intellectual Property Office, financial institutions, credit card operators, the Motion Picture Association of America and music companies. [Read more…]