Editor's Note: David M. Governo and Corey M. Dennis, founding partner of and attorney at Governo Law Firm LLC (respectively) contributed this article.
Although companies in the health care, hospitality and retail industries are considered the prime targets of cyber attacks, companies in the insurance industry share the same risks of financial and reputational loss. In fact, a recent report found that despite increased focus on data security, approximately 40 percent of the 46 major insurance organizations have experienced data breaches in the past 12 months.
The insurance industry has responded to the need for financial protection because of cyber risks by offering cyber liability insurance coverage. However, the insurance industry must recognize that it, too, is vulnerable to cyber attacks and subject to a myriad of data privacy laws and regulations. This article discusses compliance obligations that insurance companies face in the wake of these complex local, national and international regulatory schemes.
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