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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Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities in data security infrastructures to wreak havoc and to make money in the form of cryptocurrency. Not surprisingly, the need and demand for cyber insurance are simultaneously on the rise, and insurance policies that provide coverage for the payment of ransomware are of increasing interest and demand. But federal and state regulators are simultaneously focused on ransomware and how to combat its crippling effect on business. To that end, regulators have increased their guidance around the payment of ransomware and generally discourage its payment. This creates a conundrum for companies and their carriers what to do when critical infrastructure is locked up, data is inaccessible and business interrupt