Cyber Breaches Prompt Government Action

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Several government entities are taking action to address the growing rise of cyber-attacks as more fully explained in Goldberg Segalla’s Insurance & Reinsurance Report. As reported in a post by Frederick J. Pomerantz and Aaron J. Aisen, in response to a cyber breach at a major insurer, Connecticut lawmakers are considering legislation requiring insurance companies to encrypt sensitive information.  Furthermore, the Federal Government is considering several proposals  including a Consumer Privacy Bill of Rights and standardized consumer notification procedures.  Similarly, as discussed in a post by Frederick J. Pomerantz and Alex J. Yastrow, the New York State Department of Financial Services has announced its intention to take measures to ensure that insurers have strong cyber hacking defenses in place to protect customer data.  As legislators and regulators attempt to deal with the realities of cyber-attacks, attorneys, insurers and litigants are well advised to remain updated on pending statutes and regulations at the state and federal level.