Pinpoint Security had the privilege of participating in a community event sponsored by Critical Fault and Tierpoint on March 24th, 2022 titled “Navigating the Legal Risks of Modern Cyber Threats“. The event centered on a panel discussion moderated by Kris Wall and composed of panelists Anthony Hendricks, Jeff Story, Jeremy Price, and Trent Shores.
Three takeaways for me.
- Privacy legislation is here to stay.
- Cyber Insurance – the devil is in your exclusions
- Collaboration is key
Privacy Legislation is going to be the new normal. The EU’s GDPR and California’s CCPA were only the start. When a very red state like Oklahoma is poised to pass a data privacy law businesses should pay attention and be prepared for a changing regulatory environment as it pertains to data privacy. Several other states had data privacy legislation on tap, but failed to be heard or get enough votes. The expectation is that more and more laws will be passed creating a patchwork of regulatory requirements for businesses serving customers in the United States.
Cyber insurance continues to be a hot topic for Pinpoint’s customer base. Renewing is becoming increasingly costly and dealing with exclusions is a challenge. The ongoing Russian/Ukrainian war increases the scrutiny that exclusions are getting. Reading the fine print of policies is always required as exclusions often make or break a policies value. When looking to acquire cyber insurance you should always read the policy and any exclusions.
Collaboration is key when dealing with cyber threats and understanding legal risks. Businesses should look to join the relevant Information and Analysis Center (ISAC) for their industry. Two common and active ISACs for Oklahoma are the Oil and Natural Gas ONG-ISAC and the Financial Services FS-ISAC.
Pinpoint Security appreciates the time and effort put forth by Critical Fault and Tierpoint to host this community event to help build up the security of our community.