This month, the Illinois Department of Insurance issued guidance to insurers recommending assessments in response to a Microsoft Exchange vulnerability, detailed in the guidance. In the Bulletin dated May 5, the Department encourages regulated entities to “assess the risk to their systems and consumers and take steps necessary to address vulnerabilities and customer impact.” The […]
Cybersecurity
Executive Order Details Cybersecurity Changes For Public And Private Sector
In a lengthy Executive Order issued on May 12, 2021 (the “Order”), the Biden Administration has taken steps “to make bold changes and significant investments” in both public and private sector cybersecurity “in order to defend the vital institutions that underpin the American way of life.” The full scope of the Order remains to be […]
FBI Releases IC3 2020 Internet Crime Report Showing Record Increase in Cybercrime
The FBI’s Internet Crime Complaint Center (“IC3”) recently released its annual report, the 2020 Internet Crime Report (“Report”), which gathers statistics from nearly 800,000 complaints of suspected cybercrimes that the department received in 2020. This is a record number of complaints—a 69% increase from 2019—with reported losses exceeding $4.2 billion. According to the FBI, the […]
Department of Labor Issues Cybersecurity Guidelines
On April 14, 2021, the U.S. Department of Labor announced new cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers, and plan participants. The guidance is specifically “directed at plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act, and plan participants and beneficiaries” and is intended to mitigate cybersecurity risks to pension plans […]
2021 Developments in State Cybersecurity Safe Harbor Laws
Only four months in and 2021 has already been a big year for state cybersecurity safe harbor legislation. Two states, Utah and Connecticut, have recently enacted or introduced a breach litigation safe harbor to incentivize businesses to protect personal information by adopting industry-recognized cybersecurity frameworks such as the National Institute of Standards and Technology’s (NIST) […]