Troutman Pepper’s Post

Recapping the highlights from our recent Law360 article by the Incidents + Investigations team on #materiality determinations following a #cybersecurity incident: 1. Returning to normal business operations does not relieve a company of the requirement to make materiality determinations. 2. The return of data by a threat actor does not relieve a company of the requirement to make materiality determinations. 3. Once an incident is deemed material, paying a ransom does not reverse that determination. 4. Insurance coverage for ransom payments is a consideration, not a determinative factor. 5. The size of a ransomware payment by itself is not determinative, but businesses need to consider the long-term impact. 6. Multiple cyber incidents over a period of time could be material if determined to be related. Happy reading.

Starting October 2024, the enforcement of the NIS-2 Directive may make obtaining cyber insurance for companies more challenging. Finanzchef24 highlights that small businesses are increasingly targeted by hackers, suggesting the need for cyber insurance with modular risk coverage. Moreover, CEOs and IT leaders could face personal liability for breaches, underscoring the importance of regular cybersecurity measures and insurance as defenses against potential financial penalties and operational disruptions. Here is the article in German. #cybersecurity, #compliance, #regulations https://buff.ly/4aRrHmw

Contact us today & Ease your Uncertainties ! Please fill the given form below to know more: https://lnkd.in/diTK_ZVS Ransomware attacks can lock you out of your own data, demanding a ransom for access. With cyber insurance, you get coverage for these incidents, including: - Ransom Payments: Assistance with ransom demands and payment recovery. - Data Restoration: Costs for recovering or restoring compromised data. - Business Interruption Losses: Compensation for financial losses due to downtime. - Legal and Regulatory Expenses: Coverage for legal fees and compliance costs. Stay secure and minimize your risks—cyber insurance ensures you’re prepared for the unexpected. #cyberinsurance #cybersecurity #ransomware #ransomwareattack #ransomwareprotection #cyberprotection #insurance #insurancecover #insuranceindia #insurancebroker #cybercoverage #basketoptioninsure

Contact us today & Ease your Uncertainties ! Please fill the given form below to know more: https://lnkd.in/diTK_ZVS Ransomware attacks can lock you out of your own data, demanding a ransom for access. With cyber insurance, you get coverage for these incidents, including: - Ransom Payments: Assistance with ransom demands and payment recovery. - Data Restoration: Costs for recovering or restoring compromised data. - Business Interruption Losses: Compensation for financial losses due to downtime. - Legal and Regulatory Expenses: Coverage for legal fees and compliance costs. Stay secure and minimise your risks—cyber insurance ensures you’re prepared for the unexpected. #cyberinsurance #cybersecurity #ransomware #ransomwareattack #ransomwareprotection #cyberprotection #insurance #insurancecover #insuranceindia #insurancebroker #cybercoverage #basketoptioninsure

Something most organizations should think about? Cyber insurance shields against financial losses from cyber incidents like data breaches or ransomware attacks 💻🔒 It covers expenses for data recovery, legal fees, notifications, and extortion payments. Policies vary, so choose wisely! #CyberInsurance #DataProtection

Thanks to the almost 500 Brokers who registered for our most recent webinar! During the event, Neal Jardine shared gripping narratives of cyber breaches and the deceiving tactics used by hackers, and how cyber insurance can help small businesses mitigate financial losses. Here’s what was discussed: ✔️ Tech support and fraudulent help desk claims are on the rise. It's crucial to remind clients that personal cyber protection is available, which includes coverage for online fraud incidents. ✔️ Social Engineering, including invoice fraud, remains the most common and popular cyber attack. ✔️ Whether you're buying or selling online, it's essential to get protected. Criminals are actively targeting SME businesses. ✔️ In today's digital age, all businesses run on or rely on cloud systems. Cyber protection is your safety net for when others let you down. Watch the recap here: https://hubs.la/Q02wg82P0

Any business, regardless of size or sector, faces potential devastation from successful cyber attacks, including financial losses, reputational damage, and legal liabilities. Cyber insurance offers indispensable benefits such as financial reimbursement, data restoration, and coverage against these threats. Read our latest blog post to find out how cyber insurance can benefit your business: https://zurl.co/R4xe #RBS #CyberSecurity #DigitalSecurity

Any business, regardless of size or sector, faces potential devastation from successful cyber attacks, including financial losses, reputational damage, and legal liabilities. Cyber insurance offers indispensable benefits such as financial reimbursement, data restoration, and coverage against these threats. Read our latest blog post to find out how cyber insurance can benefit your business: https://zurl.co/R4xe #RBS #CyberSecurity #DigitalSecurity

Brokers, malicious activities, ranging from ransomware attacks to data breaches coupled with extortion demands, can wreak havoc on your SME customers. Cyber insurance can provide your clients with essential financial protection by covering expenses related to extortion demands, such as ransom payments, legal fees, and remediation costs. Beyond mere financial coverage, Onda offers organisations proactive risk assessment reports, incentivising SMEs to implement robust cybersecurity measures and best practices to bolster their resilience against cyber threats.     In the event of a cyber extortion incident, the Onda+ cyber insurance policy includes access to expert response teams and resources, enabling SMEs to navigate the crisis efficiently and minimise the impact on their operations.    To find out more about the Onda+ cyber insurance policy and our quote & bind platform, get in touch: https://lnkd.in/e-5KEJJQ  #CyberInsuranceSimplified #Ransomware #RansomwareAttack #SMEs #UKMGA #InsuranceBrokers

REALITY CHECK: Did you know the average cost of a data breach for small businesses exceeds $100k? 😱 The financial repercussions go beyond direct losses and can include expenses for lost productivity, patient notifications, and legal settlements, easily surpassing six figures. Even worse, patients may lose confidence and leave. Investing in cyber insurance isn't just an expense; it's a safeguard against potential financial ruin in the event of a cyber incident. 💻🔒 https://lnkd.in/ghSPNPUH #CyberInsurance #Cybersecurity #ProtectYourPractice #CDSPICyberInsurance