WIN Magazine - Fall 2017 - 29

Third and finally, the model law recognizes the unique business-to-business
relationships that exist within the insurance industry by including different
notification requirements for reinsurers
to insurers and insurers to producers
of record.

QUICK TAKEAWAYS
Regulators and lawmakers are identifying standards in cybersecurity that
companies should be implementing to
protect business operations and consumer information. The NAIC's model
law joins a growing group of laws
and regulations instituted by New
York, Connecticut, Massachusetts,
Colorado and Vermont that specifically require companies to institute
cybersecurity  programs, policies and
procedures. The model law has many
similarities with the NYDFS cyber
regulations, but there are some differences. Both regimes recognize that
protecting critical business operations is just as important as protecting
consumer information.

These laws and regulations will serve
as a roadmap for plaintiffs and shareholders pursuing civil litigation against
Licensees. The FTC also can be expected
to look to these laws when determining
whether a company engaged in "deceptive" or "unfair" practices. Companies
that fail to implement these standards
can expect enforcement and perhaps
significant fines. For some companies,

a regulatory enforcement action piled
on to the effects of a data breach or
ransomware-type event can mean
the difference between recovery and
bankruptcy. Now is the time to act.
Brokers and insurers should start preparing for cybersecurity compliance
by conducting necessary risk assessments and building a solid information
security program.
●

Josh Mooney is co-chair of the White and Williams Cyber Law and Data
Protection Group. He guides clients in assessing cyber risk and responding
to cybersecurity incidents, including data collection and breaches,
identifying exposures, complying with state and federal notification
requirements, identifying and negotiating with appropriate vendors for
response efforts and negotiating resolution of matters, including litigation.
He can be reached at mooneyj@whiteandwilliams.com.
Laura Schmidt is an associate at White and Williams. Her practice
includes cybersecurity and privacy law, insurance coverage litigation,
bad faith litigation and insurance contract disputes. She advises
clients on cybersecurity and privacy issues and represents major
national and international insurance companies in coverage
disputes and complex commercial litigation. Laura is a Certified
Information Privacy Professional/United States (CIPP/US). She can be reached at
schmidtl@whiteandwilliams.com.

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Table of Contents for the Digital Edition of WIN Magazine - Fall 2017

Do Hurricanes Have a Silver Lining?
Underwriting Marijuana
The Cyber Insurance Conundrum
Writing Data Security Into Law
Gauging Risk, Reaping Reward
Simply Seamless
Moving to the Cloud: 3 Migration Strategy Models and the 6 R’s.
In the WIN-NER’s Circle
WIN Magazine - Fall 2017 - Intro
WIN Magazine - Fall 2017 - bellyband1
WIN Magazine - Fall 2017 - bellyband2
WIN Magazine - Fall 2017 - cover1
WIN Magazine - Fall 2017 - cover2
WIN Magazine - Fall 2017 - 3
WIN Magazine - Fall 2017 - 4
WIN Magazine - Fall 2017 - 5
WIN Magazine - Fall 2017 - 6
WIN Magazine - Fall 2017 - 7
WIN Magazine - Fall 2017 - 8
WIN Magazine - Fall 2017 - 9
WIN Magazine - Fall 2017 - 10
WIN Magazine - Fall 2017 - 11
WIN Magazine - Fall 2017 - Do Hurricanes Have a Silver Lining?
WIN Magazine - Fall 2017 - 13
WIN Magazine - Fall 2017 - 14
WIN Magazine - Fall 2017 - 15
WIN Magazine - Fall 2017 - 16
WIN Magazine - Fall 2017 - Underwriting Marijuana
WIN Magazine - Fall 2017 - 18
WIN Magazine - Fall 2017 - 19
WIN Magazine - Fall 2017 - 20
WIN Magazine - Fall 2017 - 21
WIN Magazine - Fall 2017 - 22
WIN Magazine - Fall 2017 - 23
WIN Magazine - Fall 2017 - The Cyber Insurance Conundrum
WIN Magazine - Fall 2017 - 25
WIN Magazine - Fall 2017 - Writing Data Security Into Law
WIN Magazine - Fall 2017 - 27
WIN Magazine - Fall 2017 - 28
WIN Magazine - Fall 2017 - 29
WIN Magazine - Fall 2017 - 30
WIN Magazine - Fall 2017 - Gauging Risk, Reaping Reward
WIN Magazine - Fall 2017 - 32
WIN Magazine - Fall 2017 - 33
WIN Magazine - Fall 2017 - 34
WIN Magazine - Fall 2017 - 35
WIN Magazine - Fall 2017 - Simply Seamless
WIN Magazine - Fall 2017 - 37
WIN Magazine - Fall 2017 - Moving to the Cloud: 3 Migration Strategy Models and the 6 R’s.
WIN Magazine - Fall 2017 - 39
WIN Magazine - Fall 2017 - In the WIN-NER’s Circle
WIN Magazine - Fall 2017 - 41
WIN Magazine - Fall 2017 - 42
WIN Magazine - Fall 2017 - cover3
WIN Magazine - Fall 2017 - cover4
WIN Magazine - Fall 2017 - outsert1
WIN Magazine - Fall 2017 - outsert2
WIN Magazine - Fall 2017 - outsert3
WIN Magazine - Fall 2017 - outsert4
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