Regulators Are Homing In On Perils Of Ransomware Payouts
By Ben Kochman (February 12, 2021, 7:07 PM EST) -- A New York state regulator's recent warning that insurers are funding future ransomware attacks by paying extortionists on behalf of victims is the latest sign of authorities' growing scrutiny of the payouts, but it's far from clear whether the guidance will spur a slowdown in what has become a booming industry of cybercrime.
Insurance underwriters had already been trying to better price-in the threat of a cyberattack by requiring more detail from clients about their digital defenses before the New York Department of Financial Services issued its guidance for insurers Feb. 4, insurance and cybersecurity attorneys say. The agency cited the risk...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!