Wiggin and Dana Counsel Michael Menapace Testifies to U.S. Senate on Cyber Insurance
New Haven – Wiggin and Dana insurance attorney Michael Menapace was selected to testify as an expert witness before the United States Senate Commerce Committee at a hearing called by the Subcommittee on Consumer Protection, Product Safety, Insurance and Data Security entitled, "Examining the Evolving Cyber Insurance Marketplace." The hearing took place on Thursday, March 19, 2015, at 10 a.m. A video recording of the hearing and Mr. Menapace's written testimony can be found on the Senate Commerce Committee's website.
The hearing explored the growing cybersecurity risk insurance market. As one of the four witnesses invited for the hearing, Mr. Menapace testified about the evolution of cyber insurance offered, as well as the challenges and opportunities in the insurance and non-insurance industries and the impact insurance can have on data breach avoidance, mitigation and response.
During his testimony, Mr. Menapace advocated for a single federal standard for notifying victims of cyber security breaches rather than the current patchwork of state laws, noting that a single standard would "eliminate the time, expense and inconsistencies involved in the 47-state analysis for each breach and would provide uniform treatment of consumers."
Mr. Menapace also testified that a nationwide database or clearinghouse for data breach information, including how each breach occurred and who was responsible for the breach, would be beneficial to both the insurance industry and non-insurance businesses.
Mr. Menapace is a member of Wiggin and Dana's Litigation Department in the Hartford and New York offices. His practice focuses on the insurance and reinsurance industries, data breach/cyber liability issues, and complex commercial litigation. He is a frequent speaker on insurance law topics and is an Adjunct Professor of Insurance Law at Quinnipiac University School of Law.