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In a recent letter to insurers, the New York State Department of Financial Services (“NYDFS”) acknowledged the key role cyber insurance plays in managing and reducing cyber risk – while also warning insurers that they could be writing policies that have the “perverse effect of increasing cyber risk.” If a cyber insurance policy does not incentivize the insured to maintain a robust cyber security program, the insurer can end up bearing excessive risk when the customer leans on the policy as their business continuity plan.
You may be wondering “What does this have to do with my business? I don’t do any business in NY state.” However, your insurer might be subject to the NYDFS cybersecurity regulation (23 NYCRR 500) and, if so, likely received this letter.
DFS Provides Framework For Cybersecurity Risk | Rivkin Radler LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
In what the New York Department of Financial Services (NYDFS) is touting as the first guidance by a U.S. regulator on cyber insurance, NYDFS announced on February 4, 2021, in Insurance.
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New York Department of Financial Services Issues First Guidance by a U S Regulator Concerning Cyber Insurance sidley.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sidley.com Daily Mail and Mail on Sunday newspapers.