Cyber Decoder - Issue 47

31 May 2019

Cyber Decoder Issue 47 Welcome to the next edition of our cyber newsletter in which we keep you posted on recent cyber developments in news and review the latest trends, high profile attacks and lessons learnt from this evolving threat landscape.

IN THIS EDITION

Privacy and cyber risk inherent in AI TechnologyPRIVACY AND CYBER RISKS INHERENT IN AI TECHNOLOGY
Although artificial intelligence has been around for over six decades, its real-world applications have increased only in recent years. It is now being used in different sectors such as healthcare, education, marketing and banking. Organizations, however, need to be conscious of data, privacy and cyber risks according to a Lloyd's report.

US Suffers Power Grid Cyber AttackUS SUFFERS POWER GRID CYBER ATTACK
In March, news emerged of the first successful cyber-attack against the US Power Grid. Although successful cyber-attacks against power grids are rare, attacks against operational technology (OT) used in critical infrastructure are now “relentless and continuous" according to a recent Ponemon Institute's report.

Maximum Fines Rise as Australia gets Tough on Data BreachesMAXIMUM FINES RISE AS AUSTRALIA GETS TOUGH ON DATA BREACHES
Due to the rising number of data breaches in the country, Australia has announced plans to reform the country's privacy laws and impose higher penalties on companies that breach data protection laws. We take a look at what the reforms could look like and the current cyber risk landscape in Australia.

Global trends of Binding Corporate RulesBINDING CORPORATE RULES: GLOBAL TRENDS
Binding corporate rules (BCRs), which are considered the gold standard for data protection, enable multinational corporations to make intra-organizational, cross-border transfers of personal data while being compliant with data protection laws. Noris Ismail (Managing Director of Data Privacy at Ankura) talks about the benefits of BCRs and some aspects of the mechanism, considering the GDPR and Brexit, about which organizations should be aware of.

Learnings from the one-year anniversary of GDPR hpONE-YEAR ANNIVERSARY OF THE GDPR: A LOOK BACK AND AHEAD
The EU's mammoth data protection legislation – the GDPR – came into force in May 2018. One year later, we take a look at what has transpired and the far-reaching effects of the legislation.

How to Ensure Indemnification for a Ransomware AttackHOW TO ENSURE INDEMNIFICATION FOR A RANSOMWARE ATTACK
Despite having purchased insurance, your insurer might not indemnify your financial losses from a ransomware attack. You can, however, protect your balance sheet if you take certain factors into consideration and put the appropriate preventive measures in place.

What does deep fakes meanCYBER BUZZWORD OF THE MONTH – DEEP FAKES
A deep fake is a sophisticated digital forgery of an image, sound or video enabled by artificial intelligence (AI). Such forgeries are so good that the human eye is unlikely to detect that the image has been manipulated. The goal of a deep fake, generally, is to mislead and deceive, making it appear as though a person has said or done something when, in fact, that is not the case.

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  • Sarah StephensSarah Stephens

    As part of Marsh JLT Specialty's London-based Financial Lines Group, Sarah and her team work both directly with our clients and with network colleagues and independent partners to make sense of cyber, technology, and media E&O (PI) risks and create leading edge bespoke insurance solutions in the London market.

    Prior, Sarah spent 12 years with Aon in a variety of roles. Her last role at Aon was Head of Cyber & Commercial E&O for the Europe, Middle East, and Africa (EMEA) Region, working with colleagues across business groups and clients in the region to identify, analyse, and drive awareness of cyber risks, exposures, and both insurance and non-insurance solutions.

    Previously, Sarah spent seven years with Aon’s US Cyber and Errors & Omissions practice group thinking nonstop about cyber insurance way before it was cool. Her first four years at Aon were spent in the Account Management group working with large clients and developing a keen eye for excellent client service.

    For further information or to learn more about cyber insurance, contact Sarah Stephens, Head of Cyber, on +44 (0)20 8108 9541.

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