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A recent data breach and subsequent bankruptcy combine to form a cautionary tale on the importance of cyber insurance. On our Insurance & Recovery blog Policyholder Pulse, in “From Data Breach to Bankruptcy – A Cautionary Tale for Those Without Cyber Insurance,”colleagues Matthew G. Jeweler, Meighan E. O’Reardon, Curtis A. Simpson and Robert Shoemaker examine the data breach suffered by American Medical Collection Agency and how that forced its parent company, Retrieval-Master Creditors Bureau Inc., into Chapter 11.

 

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Federal-reserve-logo-300x300The Board of Governors of the Federal Reserve System has recently indicated it may move forward with enhanced cybersecurity standards that had previously been floated by the Board, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) back in 2016. Specifically, in October 2016, the Board, the three entities issued a joint advance notice of proposed rulemaking (ANPR) on enhanced cybersecurity standards before deprioritizing it in 2017. While the OCC and the FDIC withdrew their ANPRs earlier this Spring, the Board may revive the issue this coming Fall.

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The recent data breach of India-based technology services provider Wipro serves as yet another reminder that technology or outsourcing service providers are high-priority targets for cyberattacks. In “Managing Risk in Light of the Wipro Data Breach,” colleagues Meighan E. O’Reardon, Andrew Caplan, Mia Rendar and Curtis Simpson examine the potential consequences of the breach for Wipro customers and some steps that an institution should consider both to respond to, and to hopefully contain the effects of, a data security incident involving an outsourced service provider. 

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UK-outsourcing-playbook-217x300In what is a challenging sector—especially following recent revelations over “secretive” government-awarded post-Brexit contracts—the UK Government recently issued new guidance on outsourcing aimed at improving government procurement and delivering better public service. Released on February 20, 2019, the “Outsourcing Playbook” targets improvements in how government works with industry and delivers better public services, but there are lessons to be learned for the private sector, as well.

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NY DFSFinancial institutions regulated by the New York Department of Financial Services (DFS)—referred to in this post as “Covered Entities”—should by now be well familiar with the department’s sweeping cybersecurity regulation, 23 NYCRR 500, that became effective on March 1, 2017. The regulation delves into a level of detail (e.g., multi-factor authentication and encryption requirements) and requires a level of senior level attention (e.g., annual attestation of compliance, signed by the Board of Directors or a Senior Officer) heretofore unseen in U.S. federal or state regulations.

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When it comes to artificial intelligence, a lack of transparency in process and bad data to begin with are two of the issues most hampering the embrace by the boardroom. In AI: Black boxes and the boardroom, colleagues Tim Wright and Antony Bott examine how the resulting lack of trust can make companies wary of the AI technology despite its many potential benefits, and some basic steps one can take to alleviate those concerns.

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modern-slavery-act-300x200According to research conducted by the International Labour Organisation, more than 40 million people worldwide were victims of modern slavery in 2016, and about 152 million children, aged between five and 17, were subject to child labour.

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Agile is emerging as the prevailing methodology for software development. According to the 12th Annual State of Agile Report, a survey conducted by VersionOne and published earlier this year, 97% of respondent organizations practice Agile development methods, while 52% reported that more than half of the development teams in their organizations are following Agile practices.

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iStock-513630618-digital-advertising-real-estate-300x200Digital advertising is exploding. In just the first six months of 2017 alone, internet advertising revenues exceeded $40 billion. Promoted ads are dominating social media platforms like Facebook and Twitter, and it is impossible to surf the internet or use mobile apps without having to watch or click through a myriad of dynamic ads to get to the underlying content. Why is this? Because digital advertising works.

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h1 visaOutsourcing service providers have long been in the practice of bringing highly skilled employees from India and other locations to work with local businesses within the United States. Outsourcers such as Wipro, TCS and Infosys are some the largest petitioners of H-1B visas, the high-skilled work visa favored by the tech industry. In order to bring the most value to customers, service providers largely rely on getting work visas for Indian tech workers so they can consult with U.S. businesses.

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