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NY Department of Financial Services: Cyber Insurance Risk Framework

625 views REGULATORY REFERENCE: 23 NYCRR 500 February 4, 2021 Source: www.dfs.ny.gov Several Energy Companies I m familiar with have purchased Cyber Insurance. This new cyber risk framework from the New York Department of Financial  Services (DFS) could have implications on cyber insurance premiums and reporting requirements for these Energy Companies, and others that purchase cyber insurance. My key takeaways from the newly released NY DFS Cyber Insurance Risk Framework Many insurers still have work to do to develop a rigorous and data driven approach to cyber risk, and experts have expressed concerns that insurers are not yet able to accurately measure cyber risk

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