Recent Posts
Follow Us
twittergoogle_pluslinkedinrssyoutube
The Legal Stuff
BT Policyholder Protection Blog
0 0

27 Oct 2015 Scott Godes quoted in Law360 Article, “Privacy ‘Bill of Rights’ to Boost Demand for Breach Coverage”

Scott Godes, partner and co-chair of the firm’s Data Security and Privacy Practice Group, was recently quoted in a Law360 article, “Privacy ‘Bill of Rights’ to Boost Demand for Breach Coverage.”   The article highlights the recently introduced privacy bill of rights and changes to the regulatory environment that could change the cyberinsurance marketplace for  policyholders.   Scott is noted saying, “Cyberinsurance remains the Wild West of insurance. But with the changing regulatory environment, we’re starting to see changing prices and the market opening up and tightening up.”   Read the full article here. Scott GodesScott N. Godes is a veteran trial lawyer with experience in insurance coverage matters and technology issues. He is a partner in Barnes & Thornburg LLP’s Washington, D.C., office and…

READ MORE
0 0

08 Oct 2015 Regulation S-P Violation: Are You Prepared For A Cyber-Security Breach?

On Sept. 22, 2015, the Securities and Exchange Commission (SEC) announced the first violation by a registered investment advisor of the so-called Safeguards Rule (Regulation S-P) pertaining to the protection of personally identifiable information from cyber-attack. This is the first instance of the SEC enforcing Regulation S-P against an investment advisor.   The Regulation, broadly speaking, requires broker-dealers, investment advisers and other financial firms to protect confidential customer information from unauthorized release to unaffiliated third parties. Included in Regulation S-P is the “Safeguard Rule” (Rule 30(a)), which requires financial institutions to, among other things, adopt written policies and procedures reasonably designed to protect customer information against cyber-attacks.  This raises the question:  Are you prepared for a cyber-attack (and the attendant liability)?   In its findings,…

READ MORE
0 0

02 Oct 2015 Scott Godes Quoted in Law360 Article, “A Cyberattack Survival Guide for Policyholders”

Scott Godes, partner and co-chair of the firm’s Data Security and Privacy Practice Group, was recently quoted in Law360’s article, “A Cyberattack Survival Guide for Policyholders.” The article examines cybersecurity concerns companies face after massive data breaches and highlights issues such as card issuer liability, customer liability, and D&O litigation.   Scott is quoted multiple times within the article.  He notes that there is not a magic solution to preventing data breaches and cyberattacks, noting that many “large enterprises that were hit with data breaches” had been “certified as compliant with payment card security rules by a third party.” Scott then gives advice for buying and evaluating cyberinsurance policies and insurance towers for those risks.   Read the full article here. Scott GodesScott N. Godes…

READ MORE
0 0

14 Jul 2015 Scott Godes Quoted in Law360 Article, “4 Insurance Takeaways from Lloyd’s Cyberattack Report”

Scott Godes, partner and co-chair of the firm’s Data Security and Privacy Practice Group, was recently quoted in Law360’s article, “4 Insurance Takeaways from Lloyd’s Cyberattack Report.”   Lloyd’s of London recently co-wrote a report predicting that a major cyberattack on the East Coast could trigger $70 billion in covered insurance claims. The article examines four takeaways for insurers and policyholders.   Godes noted that the report admits there could be coverage for cyber-based events in multiple types of insurance policies.  He also suggests that the insurance industry should introduce a cyberinsurance policy parallel to a commercial package policy, providing coverage for all types of losses resulting from a cyber event.   He is quoted multiple times in the article.  In one, he is quoted…

READ MORE
0 0

17 Mar 2015 Cybercrime: How Insurance Can Protect Your Company

Just when you thought that it could not get worse for companies in the context of cybersecurity and privacy issues … it does. Perhaps most significant, a court recently allowed banks to proceed against a retailer to pursue damages allegedly flowing from a cyberattack and data privacy incident involving payment card numbers. That same retailer disclosed hundreds of millions of dollars in losses as a result of the cyberattack and data privacy incident. Another retailer fell victim to a cyberattack and data privacy incident involving payment card numbers. Major entertainment businesses suffered cyberattacks, with one reportedly involving information about celebrities, corporate IP, and user names and passwords for social media accounts of the company. Distributed denial of service attacks (DDoS) are also on the rise….

READ MORE
0 1

09 Dec 2014 The Other Cyber Shoe Has Dropped – What Does that Mean for Your Insurance Program?

Just when you thought that it could not get worse for companies in the context of cybersecurity and privacy issues…it does. The end of 2014 has been brutal. Perhaps most significant, a court allowed banks to proceed against a retailer to pursue damages allegedly flowing from a cyberattack and data privacy incident involving payment card numbers. That same retailer disclosed hundreds of millions of dollars in losses as a result of the cyberattack a data privacy incident. Another retailer fell victim to a cyberattack and data privacy incident involving payment card numbers. Major entertainment businesses suffered cyberattacks, with one allegedly involving information about celebrities, corporate IP, and user names and passwords for social media accounts of the company. Distributed denial of service attacks (DDoS) are…

READ MORE