The Cyber Insurance Imperative

THE SIX BILLION DOLLAR HEIST. Last week's announcement of the largest cryptocurrency theft in history has raised questions about whether and where businesses might find insurance coverage for losses and claims arising out of such events. In this episode, David breaks down where the exposures lie and how the underwriters have approached this evolving risk.

THE SEC FLEXES ITS MUSCLE. Investment advisors should take note of a fine levied against a firm under the '40 Act last week for allegedly failing to adequately safeguard the firm's clients against identity theft and for not submitting to outside audits in a timely fashion. In this episode, David discusses the impact of the Custody Rule on the management of cyber risk, and notes a potential gap in coverage these firms could face.

EVERY ACTION HAS AN EQUAL AND OPPOSITE REACTION! Alarmed by the spike in wrongful collection and website tracking claims that have been clogging up the courts in California, both the legislative and judicial branches have taken steps to rein in this flood of litigation. In this episode, David discusses these latest efforts, the exposures that remain, and steps businesses can take to protect themselves from such lawsuits and maximize their insurance coverage when such claims arise.

A "SOS" FROM WITHIN! In a twist reminiscient of captors filiming videos of hostages begging for their own release, threat actors pushed notifications out to the customers of their victim, demanding that a ransom payment be made. In this video, David discusses the significance of this development and offers a way for companies to perform a "gut check" on their cyber resiliency and insurability.

WHEN INDUSTRY POLICES ITSELF: The President's recent announcement of the Joint Commitment on Frontier Responsibilities is an important step toward having technology companies self-regulate the development of AI, but it leaves some key questions unanswered. In this episode, David breaks down what is (and isn't) part of this declaration, and offers businesses a practical solution to promote responsible AI deployment.