On March 21, 2020, the data security provisions of New York’s Stop Hacks and Improve Electronic Data Security Act went into effect. The SHIELD Act requires any person or business owning or licensing computerized data that includes the private information of a resident of New York to implement and maintain reasonable safeguards to protect the security, confidentiality and integrity of the private information.
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The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations recently announced the publication of a report entitled “Cybersecurity and Resiliency Observations” that summarizes the observations gleaned from OCIE’s cybersecurity examinations of broker-dealers, investment advisers, clearing agencies, national securities exchanges and other SEC registrants.
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As previously posted on our Hunton Insurance Recovery blog, a Maryland federal court awarded summary judgment to policyholder National Ink in National Ink and Stitch, LLC v. State Auto Property and Casualty Insurance Company, finding coverage for a cyber attack under a non-cyber insurance policy after the insured’s server and networked computer system were damaged as a result of a ransomware attack.
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