February 2019

The Latest from Mayer Brown

Regulatory Corner: Finding Common Ground - Recent Developments in International Supervision [Insurtech by Mayer Brown]

Artificial ...

2019 Outlook: Cybersecurity and Data Privacy

Cybersecurity and data privacy presented some of the most complex legal questions and business risks that multinational companies faced in 2018. Businesses should expect ...

A Global Cyber Attack Could Cause up to $193 Billion Worth of Damage: New Report Projects

A coordinated global cyber attack, spread through malicious email, could cause economic damages anywhere between $85 billion and $193 billion, a hypothetical scenario ...

Free Flow of Personal Data Between the European Union and Japan Starts Now

On January 23, the European Commission (the "EU Commission") authorized the free flow of personal data to Japan. This "adequacy decision," issued jointly with a ...

US National Futures Association Adopts Notification Requirement for Certain Cybersecurity Incidents

On January 7, 2019, the US self-regulatory organization the National Futures Association (“NFA”) announced that it had adopted amendments to its information security ...

Five Tech Trends That Will Define the Future of Insurance

With technology initiating dramatic changes that are reshaping the insurance industry, the forward-looking insurers are taking action and making investments that will ...

January 2019

The Latest from Mayer Brown

Regulatory Corner: Keeping it Private - GDPR and Developments in Data Privacy in 2018 [Insurtech by Mayer Brown]

Push for Standardized ...

Push for Standardized Data Security Controls for Insurers Gains Momentum

In late December, Ohio became the second state to adopt the National Association of Insurance Commissioners’ (NAIC) Insurance Data Model Law, joining South Carolina in ...

2019 Insurance Outlook: Growing Economy Bolsters Insurers, but Longer-Term Trends May Require Transformation

Where do insurers stand as they enter 2019?

In Deloitte's 2019 report, this question is explored, among many more, regarding how the insurance industry must transform ...

Digital Insurance in 2018: Driving Real Impact with Digital and Analytics

The 2018 McKinsey Digital Insurance Compendium synthesizes highlights from the past year that demonstrate the progress that has been made in reinventing the insurance ...

@Insurance Snapshot: Regulatory Corner – Eyeing AI: Artificial Intelligence and its Increasing Impact on the Insurance Industry

The use of artificial intelligence (“AI”), which may be defined as the development of computer systems able to perform tasks normally associated with human ...

How to Comply with the HIPAA Breach Notification Rule

As more healthcare organizations face the daunting task of dealing with a data breach, more of them will have to become intimately familiar with the HIPAA Breach ...

Technology, Investment and Security: The Modernization of CFIUS – What Does it Mean for the Global Investor?

On August 13, 2018, President Trump signed into law the Foreign Investment Risk Review Modernization Act, or FIRRMA. This legislation was designed to enhance US national ...

November 2018

The Latest from Mayer Brown
Regulatory Corner: Reinsurance Collateral Requirements - They Are A-Changing  [Insurtech by Mayer Brown]
Missiles, Malware and Merger ...

DOJ Releases Updated Cyber Incident Response Guidance for Private Sector Entities

On September 27, 2018, the Computer Crime and Intellectual Property Section (“CCIPS”) of the Criminal Division of the US Department of Justice (“DOJ”) released a ...

As Digital Threats Grow, will Cyber Insurance Take Off?

Cyberattacks are more costly than the reoccurring damage from natural disasters: US$3 trillion in 2015, a price that is projected to climb to $6 trillion annually by ...

Insurance-Linked Securities Move from ‘Alternative’ to Mainstream

A new survey from Willis Towers Watson (WTW), has reported that the insurance-linked securities (ILS) market is here to stay. The Global ILS Market Survey finds that ...

Moody’s Invests in Team8 Cybersecurity Fund

Moody's Corporation announced last week that it has invested in Team8 Partners II, L.P., the second vehicle by Team8, a leading think tank  and company creation ...

Ohio’s New Cybersecurity Law: Creating a Data Breach Safe Harbor

Policymakers long have wrestled with how to enhance private-sector cybersecurity without imposing prescriptive one-size-fits-all requirements that undermine effective ...

SEC Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls

In a press release earlier this month, the Securities and Exchange Commission issued an investigative report cautioning that public companies should consider cyber ...

California Enacts First State Law Targeting IOT Cybersecurity

On September 28th, California Governor Jerry Brown signed a first-of-its kind law to regulate the security of connected devices that make up the “Internet of Things” ...

October 2018

The Latest from Mayer Brown
Regulatory Corner: Deciphering Cybersecurity Initiatives in the Insurance Industry [Mayer Brown]
New Guidebook from Mayer Brown: ...

Missiles, Malware and Merger Management: Why Cybersecurity and Data Privacy Matter to M&A Practitioners

What does a nuclear missile accident have in common with a cybersecurity or data privacy issue in M&A?  In both cases, small missteps can lead to wide-ranging and ...

@Insurance Snapshot: Regulatory Corner – Deciphering Cybersecurity: An Introduction to Cybersecurity Regulatory Initiatives in the Insurance Industry

The past five years have seen a massive acceleration in the amounts of data being generated, processed and stored in virtually every industry, including insurance. As ...

Cybersecurity and Data Privacy: Navigating a Constantly Changing Landscape

The cybersecurity and data privacy landscape continues to change, creating significant new risks for businesses across economic sectors. New types of litigation are ...

Chubb overtakes AIG in US cyber insurance ranking

Chubb INA Group has surpassed AIG to become the largest cyber underwriter in the US. According to data by AM Best, Chubb wrote $284.4 million in cyber direct premiums ...

Insurtech Blocksure launches insurance platform with Covéa

London-based insurtech start-up Blocksure has launched a new blockchain platform for the insurance industry that it claims could cut back-office cost by ...

3 Insurance Leaders Collaborate for Terrorism, Political Violence Solution

Three of the largest names in the insurance industry—Aon, Chubb, and Lloyd’s—collaborated to launch a risk solution to address terrorism and political violence, ...

July 13

Mayer Brown Tech Talks, Episode 1: Staying Ahead of AI with Rebecca Eisner [Mayer Brown]

California Enacts GDPR-Like Consumer Privacy Protections: What You Need to ...

California Enacts GDPR-Like Consumer Privacy Protections: What You Need to Know

The state of California recently enacted the most sweeping general privacy statute in the United States. The California Consumer Privacy Act, codified in Assembly Bill ...

ACORD, Aon, and Beazley release new Cyber Data Breach Standard

ACORD, the insurance and reinsurance industry data standards body, has collaborated with Aon and Beazley on the development of the ACORD Cyber Data Breach Standard, a ...

June 29

Canaan Partners Launch New $20M Investment Strategy [Tech Crunch]

KPMG: Insurance Firms Eye M&A and Partnerships for Growth [KPMG]

Insurtech MGA Corvus ...

Insurtech MGA Corvus Insurance Launches ‘Smart’ Cyber Coverage

Corvus Insurance, an insurtech managing general agent, has released a new cyber insurance offering for organizations with up to $1 billion in annual revenue.

The new ...

May 18

Lemonade Launches First Ever Open Source Policy [Insurance Business]

QBE Pours Investment into AI Start-Up [Market Insider]

And So it Begins.. South Carolina ...

South Carolina Governor Signs Data Security Bill Into Law

South Carolina became the first state to enact into law a comprehensive cybersecurity law requiring insurers to "establish a strong and aggressive program to protect ...

May 4

Bermuda Invites Insurtechs to Play in its Sandbox [Bermuda Monetary Authority]

Beazley Bets on Blockchain [Reuters]

2030: Welcome to an AI-driven Insurance World ...

March 23

Global Regulators Team Up to Bring Ideas (and Toys?) to International Regulatory Sandbox [Reuters]

Cigna Partners with Amazon to Bring New Voice (and Answers) to ...

Big Data, Cybersecurity, and AI Top InsurTech Trends: Survey

The Infosys digital outlook report finds that the four digital technologies most in use by re/insurers today are big data for customer insight and wallet share, cyber ...

March 9

The World Economic Forum Tackles Cybersecurity Regulation [Digital Insurance]

U.S. Treasury Report to take 'Fresh Look' at Nonbank Fintech Regulation [American ...

Zurich Insurance Takes Lead in Developing Insurtech Cybersecurity Regs

The World Economic Forum has announced a consortium aimed at addressing strengthening cybersecurity for fintech companies and data collectors as the industry moves to an ...

NAIC May Add $12 Million to 2018-2020 Tech Budget

The National Association of Insurance Commissioners (NAIC) are proposing to spend about $12 million over the next three years to improve the organization's information ...

February 9

2018 Outlook: Cybersecurity and Data Privacy, a Mayer Brown report [Mayer Brown]

Amazon-Berkshire Hathaway-JP Morgan Target Healthcare [The New York Times]

NAIC ...

Apple, Cisco Partner With Insurers For Novel Cyber Coverage

Apple and Cisco have announced a partnership with Aon PLC and Allianz Global Corporate & Specialty to offer discounted cyber insurance policies for companies that ...

2018 Outlook: Cybersecurity and Data Privacy

The cybersecurity and data privacy landscape raised new and challenging questions for businesses and governments around the world in 2017. We are poised to see new waves ...

December 1

Dissecting NAIC’s Insurance Data Security Model Law : Mayer Brown's Larry Hamilton, Jeff Taft, Matt Bisanz and Evan Sippel-Feldman dig into the NAIC’s Insurance Data ...

Dissecting NAIC’s Insurance Data Security Model Law

Mayer Brown's Larry Hamilton, Jeff Taft, Matt Bisanz and Evan Sippel-Feldman describe the relevant definitions and scope of the NAIC’s Insurance Data Security Model ...

November 17

Key Issues and Trends in the Insurtech Ecosystem [Mayer Brown]

NAIC Adopts Insurance Data Security Model Law - Legal Update [Mayer Brown]

More Firms Join ...

Insurtech Startup Debuts with $6M and Proactive Cyber Risk Product

California insurtech startup At-Bay has launched a product that intends to “redesigned insurance, with cyber security expertise at its core.”

According to At-Bay ...

NAIC Adopts Insurance Data Security Model Law

On October 24, 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law (Model Law) that builds on existing data ...

Whose Data Is It? CFPB Releases Consumer Protection Principles for Consumer-Authorized Financial Data Sharing and Aggregation

A new generation of fintech providers is offering products that allow customers to access and aggregate information about accounts at other financial institutions that ...

New Yorkers Want to Know: What’s Your Cybersecurity Plan?

Mayer Brown partner Larry Hamilton appeared on NPR's Marketplace to discuss new cybersecurity regulations for financial institutions in New York.

NAIC Cybersecurity Panel Approves Data Security Model Law

The National Association of Insurance Commissioners (NAIC) cybersecurity panel has passed its proposed data security model law. The final law stipulates that insurers ...

The New York State DFS Cybersecurity Regulation: Preparing for Compliance

Bylined article by Financial Services Regulatory & Enforcement partner Jeffrey Taft (Washington DC), Corporate & Securities partner Larry Hamilton (Chicago), ...

June 30

Technology aiding new lines of risk: Times are a-changing in the ILS market [Artemis]

Could insurtech be the key to Flood Insurance? [Insurance Journal]

Apple, ...

Apple, Cisco team up to push for cyber security insurance discounts

Apple has announced that it is working with Cisco Systems to help its customers who primarily use both companies to get a discount on cybersecutiy insurance ...

May 24

Allianz gains liability risk ID tool [Insurance Journal]

AIG has data-analytics on its mind [Insurance Journal]

Sherpa/Gen Re partnership takes aim at the ...

Three Ways Insurtech is Changing the Game for Cyber

There were 312 data breaches just through mid-March in 2017, even before the WannaCry breach, and this even as cybersecurity investments are at a major high. Against ...

Global Insurance Industry Year in Review

Our Global Insurance Industry Year In Review for 2016 discusses developments and trends in insurance industry transactions in the past year in North America, Bermuda, ...

Cybersecurity Regulation in the United States: Governing Frameworks and Emerging Trends

Companies across industry sectors have developed risk-based cybersecurity programs to respond to the substantial and complex cyber threats they face. Managing ...

China Expands the Scope of the Data Localisation Requirement under its Cybersecurity Law

On 11 April 2017, the Cybersecurity Administration of China (CAC) released the draft Security Assessment Measures for Cross-Border Transfer of Personal Information and ...

EU Data Protection Authorities Issue Draft Guidance on When Data Protection Impact Assessments Are Required under New GDPR

On April 4, 2017, the Article 29 Working Party ("WP29"), the group representing national data protection regulators in the European Union, following their April plenary ...

Zurich Insurance Signs Deal with BAE to Target Fraud

Zurich has partnered with BAE to implement BAE's NewReveal system. NetReveal uses data analytics to uncover hidden links and potential fraud.

Learn more about ...

New York: Cybersecurity in the Financial Sector

An article discussing the recent NYDFS cybersecurity regulation by Mayer Brown's Stephen Lilley and Financial Services Regulatory & Enforcement associate Matthew Bisanz ...

Updating Your Vendor Agreements to Comply with GDPR

In a bylined article, Mayer Brown Technology Transactions partner Rebecca Eisner and associate Lei Shen (both Chicago) discuss some of the issues to consider as you ...

NY Adopts Final Regulations for Banks, Insurance Businesses and Other Financial Services Institutions

Mayer Brown provides a Legal Update on New York's final cybersecurity regulation for banks, insurance businesses and other financial services institutions.

Read the ...

Navigating Through Uncertainty in The US Commercial Insurance Distribution

McKinsey & Company evaluates areas of risk that US commercial lines insurers will have to address in order to enhance the value they deliver and develop new ...

2017 Outlook: Cybersecurity and Data Privacy

Cybersecurity and data privacy issues continued to grow in significance for multinational businesses over the past 12 months, further heightening the importance of ...