Saul Ewing Hosts Cyber Security Corporate Governance Workshop - May 10, 2016
If you aren’t worried about cyber security…
Maybe you should be. Last month two healthcare systems reported that their main computer systems were infected with ransomware, which shuts off access to the system until a ransom is paid. In at least one case a significant ransom was paid. The California Attorney General reported that since 2012 over 49 million residents in California alone had their private information stolen. This month, Turkey reported the theft of private information of over 50 million Turkish citizens, including information about the current Prime Minister and President. According to a 2015 USA Today article, 43% of U.S. companies have had a security breach. In short, Corporate America, and particularly insurance companies, have been plagued with a barrage of cyber attacks, hacks, and cyber espionage, as well as privacy and data security breaches.
Cyber security and the protection of confidential data and customer private information has emerged as one of the most significant concerns of insurance companies around the world. The Securities and Exchange Commission and state insurance regulators are keenly focused on fashioning substantial controls across the financial and insurance sectors and looking to boards to carry them out. The National Association of Insurance Commissioners has recently exposed for comment a draft model act intended to specify and impose the corporate governance obligations on management and boards of insurance companies, producers and their third-party vendors to address these threats and remediate the losses caused by them.
Saul Ewing LLP’s Insurance and Cyber Security Practices have partnered together to host two Cyber Security Corporate Governance Workshops. The Workshops will specifically be focused on helping Workshop attendees, including Senior Management and Corporate Boards of insurance companies, and in-house counsel, understand the governance requirements and ways to better protect their company against impending cyber threats and attacks. The Workshops will include engaging presentations made by professionals including:
- Jerry Link - Director of Information Technology and CISO at INS Services, Inc., who performs cyber examinations for the Pennsylvania Insurance Department and a number of other insurance departments, talk about what cyber examiners are looking for;
- Neeraj Sahni - FINEX Senior Broker specializing in cyber and technology E&O insurance at Willis Towers Watson, provide valuable information on the current complex varying types and availability of cyber insurance.
The Workshops will cover the following topics:
- Federal and state regulatory developments
- Regulators' and Examiner’s perspective on cyber security requirements and best practices
- Cyber security issues in the courts
- Current state of cyber security insurance
In-house attorneys, Board Members and Senior Management are invited to attend the Workshops. Workshop participants can attend either in person in Philadelphia or Harrisburg or via live streaming from the Harrisburg Workshop. Faculty will include Saul Ewing attorneys and other professionals with experience in cyber security and working with Boards of Directors of insurance companies. This is a timely opportunity for your Board and Management Team to obtain up-to-date information, as well as an opportunity to meet and exchange ideas with Board Members and Management of other insurance companies.
Please note: For our attorney Workshop participants, these Workshops have been approved by the Pennsylvania Continuing Legal Education Board for 3 hours of substantive law, practice and procedure CLE credit and 0 hours of ethics, professionalism or substance abuse CLE credit. Workshop participation certificates will be available to attendees seeking other professional designation education credits. Education credits will only be provided to those individuals that attend the Workshop in person.
Please contact Christine Lautenbacher at 215.972.1885 or email@example.com to register for more information on the workshop.