Welcome to the latest edition of our Cyber Insurance newsletter. This month we will be considering:
Cyber predictions for the year ahead, from our Insurance Market Conditions & Trends 2017/18 Report:
Privacy and cyber security issues will combine in the build-up to the GDPR
Cyber threats will manifest as an increasing risk of cyber terrorism
An increasing frequency of systemic IT outages, either maliciously or by operator error
Awards of compensation for privacy and security breaches increasing
Facebook ordered to pay over €1m in fines for data violations by Spanish Data Protection Authority
- Current Cyber threats
We also bring you a link to three short videos discussing trends and tips for dealing with cyber risks in LatAm and a list of forthcoming cyber and data risk focused events taking place in London and the US.
Before we get to this month's news, we have great pleasure in announcing that the DAC Beachcroft Cyber & Data Risk team was named Cyber Law Firm of the Year at Insurance Insider's inaugural Insider Rankings London Cyber Awards 2017 last month. The awards recognise the market's achievements and identify the most skilled practitioners, and we are delighted to be acknowledged as the law firm that has added the most value to the cyber class in 2017.
DAC Beachcroft win Cyber Law Firm of the Year
The DAC Beachcroft Cyber & Data Risk team is delighted to have been awarded the Cyber Law Firm of the Year award at The Insurance Insider's inaugural Insider Rankings London Cyber Awards 2017. The awards recognise the market's achievements and identify the most skilled practitioners.
Head of Cyber & Data Risk, Hans Allnutt, said:"There can be no innovative products without first-class legal service providers helping to bring them to market, and the Cyber Law firm of the year award recognises the importance of the legal community to the development of Cyber offerings. We are proud to be acknowledged as the law firm that has added the most value to the cyber class in 2017. This award reflects not only the hard work and expertise of our cyber and data risk lawyers, but the dedication and support of our business development team and senior management."
The awards are determined by robust research methodologies drawing on 45 years of experience of industry rankings and applied to the Insurance Insider's London Cyber Rankings research paper, the publication of which coincided with the award ceremony on 29 September.
Facebook ordered to pay over €1m in fines for data violations
The Spanish Data Protection Agency ("SDPA") has fined Facebook for violating Spanish Data Protection Legislation ("SDPL") with fines amounting to €1,200,000. The SDPA has determined that Facebook has been processing personal data, including highly sensitive personal data, without appropriate consent of the data owners. Additionally, Facebook did not erase the personal data when the purpose for which it was collected had expired.
Insurance Market Conditions & Trends 2017/18 Report
DAC Beachcroft's annual Insurance Market Conditions & Trends report was published last week. The report focuses on key issues that are likely to have the greatest impact on the insurance market over the coming year and beyond. This year, InsurTech is a recurring theme in both the predictions and our in-depth analysis. The report concludes with summaries of the most significant legislative, judicial and other legal developments over the past 12 months.
LatAm Cyber Risk Insurance
DAC Beachcroft's cyber insurance experts recently met at the LatAm Cyber Risks Seminar to discuss cyber opportunities in LatAm. In three short videos produced at the event, Patrick Hill (London), Juan Diego Arango (Colombia), José Luis Arce Fernández (Mexico) and Rodrigo Fernández Guerra (Mexico) outline some of the complications associated with cyber risk, while speaking about;
- Jurisdictional cyber insurance trends
- Tips for insurers looking to write cyber insurance in different jurisdictions
- Tips for handling cyber insurance claims in different jurisdictions
If you'd like to find out more about cyber insurance in LatAm please contact our regional experts, Rodrigo Fernández Guerra, Senior Lawyer, Mexico; Juan Diego Arango, Lawyer, Colombia; Diego Illanes, Associate, Chile.
GDPR and Litigation - a new report
Working with data protection and privacy experts across Europe, we have created a report outlining the current liability and sanctions landscape around data breach claims and compensation, and sought their predictions for the future.
As we pull together the findings, we are seeing a reoccurring theme that an incoming wave of fines, compensation and litigation will be directed at organisations that contravene the new privacy laws enshrined in the the GDPR.
We will be releasing our report soon… watch this space.
Net Diligence Cyber Liability Conference, Santa Monica, 10 - 12 October
Hans Allnutt will be speaking on 'GDPR: What it means in practice for EU Data Breaches'.
ABI’s Insurance in the Digital World: cyber, data and technology - from hype to reality, London 19 October
DAC Beachcroft Partners, Mathew Rutter and Rhiannon Webster will be joining the line-up of expert industry leaders on the day, covering 'The Internet of Things' and 'The General Data Protection Regulation - Six Months to Go'. Hans Allnutt and Helen Nuttall will also be at the conference and welcome the opportunity to catch up. DAC Beachcroft are able to offer our clients reduced delegate rates; for more information click here.
Cyber Threat Advisory Summary
Data Destroying Malware Post WannaCry & NotPetya
After the devastating effects of the WannaCry and NotPetya data destroying malware we have seen a variety of incoming requests for analysis and capability around this type of threat.
Current technical risks provided by ThreatInformer, include Drupal - Access Bypass and Adobe Acrobat and Reader - Remote Code Execution.