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Description: 2020-2021 — the hits just keep on coming. It started with a proliferation in ransomware attacks, featuring encryption, double extortion, and more. Then, a warning to victims and their advisors from the Department of Treasury’s Office of Foreign Assets Control that payments to banned hackers can result in sanctions to the victims and those that help them to recover. Facing systemic risk from the ransomware pandemic, cyber insurers are cutting back coverage or fleeing the market altogether. This program will provide an overview of OFAC’s Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments, including (i) who the guidance applies to, (ii) what the guidance tells us (and what it does not), and (iii) the steps companies and other stakeholders should take in advance of a potential ransomware event to best position themselves for compliance with the OFAC’s cyber sanctions regulations and the advisory. It will also address changes in the cyber insurance market for ransomware coverage, including how best to proactively maximize coverage in the face of a seller’s market.
Michael A. Kleinman is a litigation special counsel resident in Fried Frank's New York office.
Mr. Kleinman has extensive experience representing corporations, boards of directors, financial advisors, investment banks, and private equity firms in connection with complex commercial, securities and derivative, and intellectual property litigation. He also routinely advises clients on issues relating to cybersecurity and data privacy risk.
Mr. Kleinman regularly represents buyers, sellers, and financial advisors in a wide-array of litigations arising out of public and private transactional matters, including disputes over corporate governance and fiduciary duties, as well as in post-closing disputes.
As a member of Fried Frank's Cybersecurity practice, Mr. Kleinman represents clients in numerous cases arising out of the Computer Fraud and Abuse Act and other alleged unauthorized uses of licensed data and technology. He also advises clients in transactional matters on issues related to cybersecurity and data privacy risk.
In addition to his private practice, Mr. Kleinman devotes himself to an active pro bono practice representing clients in a range of matters, including indigent criminal defendants in federal criminal prosecutions through the Criminal Justice Act for the Southern District of New York.
Marc D. Schein, CIC, CLCS assists clients by customizing comprehensive commercial insurance programs that minimize or eliminate the burden of financial loss through cost effective transfer of risk. By conducting a Total Cost of Risk (TCoR) assessment, he can determine any gaps in coverage. As part of an effective risk management insurance team, Marc collaborates with senior risk consultants, certified insurance counselors, and expert underwriters to examine the adequacy of existing client programs and develop customized solutions to transfer risk and minimize premiums.
Marc is a seasoned Certified Insurance Counselor with experience working in multiple industries, including Cyber Security, Technology, Retail, E-commerce Financial Institution, Healthcare, Accounting and Law, among others. His risk management experience includes: Cyber Security, Cyber Insurance, Technology E&O, Directors and Officers, Employment Practices Liability, Errors & Omissions, Property, Casualty, Crime, Auto, and Workers’ Compensation.
In 2011, Marc achieved his Commercial Lines Coverage Specialist (CLCS) designation. In 2014, he received his Certified Insurance Counselor (CIC) designation, and was appointed to the Ponemon Institute’s RIM Council (the pre-eminent research center dedicated to data protection, privacy and information security). In 2015, he was asked to join the Claims & Litigation Management Alliance's Cyber Committee. In 2017, Marc was appointed as the Northeast Cyber Champion for Marsh & McLennan Agency. A sought after speaker and panelist on Data Breaches and Cyber Security, Marc has spoken before members of Congress and leaders in the Aviation Industry on Capitol Hill regarding the issues and costs of cyber breaches, and how to properly transfer risk to insure that an organization or business is properly protected from what might otherwise be financially devastating recovery costs. He is also a co-founding member of Clean Machine Charity and Founder of a Nassau County-based networking group. He also founded a NYC think-tank roundtable for upper middle market trusted
advisors to share complex challenges and solutions their clients face. Marc also maintains membership in Business Networking International. A graduate of SUNY Oneonta, Marc was a Business Economics Major, Communications Minor, and Dean's List Student.
 | | Practice Areas: | | Information Technology Law & E-Commerce | | | Online Media Type: | | Audio | | | Production Date: | | 08/10/2021 | | | Level: | | Intermediate | | | Category: | | Standard | | | Duration: | | 1 Hours, 12 Minutes | | | Online Format: | | On Demand | | | Course Type: | | Public |
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| | • | Michael Kleinman, Esq. - Fried, Frank, Harris, Shriver & Jacobson LLP | | • | Marc Schein - Marsh & McLennan Agency |
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