Partner Mike Overly was quoted in a Law360
article, “Cybersecurity & Privacy Predictions for 2018
,” about what the new year will bring for cybersecurity and privacy.
Overly told Law360
that he expects the Trump administration will continue to try to tighten up information security requirements for government agencies. He also sees increased attention being paid to global privacy laws in light of the European Union’s sweeping general data protection regulation in May. The increased attention is likely a byproduct of companies making more use of personal information for purposes such as data mining and regulators wanting to "make sure it doesn't go too far," Overly said, meaning that the interest isn't going away anytime soon.
Overly also told Law360
that he expects the cybersecurity insurance market will continue to expand and, with that expansion, businesses need to make sure they're reading their policies very carefully, with an eye toward exemptions for the types of global data breaches such as last year's WannaCry ransomware, which hit scores of companies around the world.
"Insurance companies are going to realize that a single ransomware attack could have two-thirds of the insurance market making a claim, so they're likely to be far more careful about what they're doing in their policies, and companies need to understand that the coverage they're receiving may be far narrower than they think,” he said.