cyber insurance (4)

5769575663?profile=RESIZE_400xAs cyberattacks rise, so does the call by business leaders and shareholders to be ready to respond to a cyber incident.  Cyber insurance and a solid Incident Response plan are two critical components to make your company resilient.

Cyber attorney Shawn Tuma says one of these things is likely to influence the other, which surprises many organizations and may surprise you.  Tuma is Co-Chair of the Data Privacy and Cybersecurity Practice at law firm Spencer Fane, www.spencerfane.com.

Tuma explains

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As of January 1, 2020, California became the first state to permit residents whose personal information is exposed in a data breach to seek statutory damages in amounts ranging from $100-$750 per incident, even in the absence of any actual harm, with the passage of the California Consumer Privacy Act (“CCPA”).  The class actions that follow are not likely to be limited to California residents, but will also include non-California residents pursuing claims under common law theories.  At Red Sk

3838028473?profile=RESIZE_710xIt is getting more expensive for organizations that are victims of ransomware attacks to recover.  The average cost more than doubled in the final quarter of 2019.  According to a recent report, an average total cost of negotiation, remediation and ransom payment is $84,116.  This amount is almost double the previous figure of $41,198.

This increase is not only the result of cybercriminals demanding higher ransom amounts, but the increase in the number of victims who are willing to pay the ranso