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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