Insurers Beware: Potential Impacts of New York’s Cyber Insurance Risk Framework By Matthew G. White and Alexander F. Koskey | April 6, 2021
During its current legislative session, New York is considering a proposed privacy bill that would greatly enhance consumer privacy rights, increase business obligations and create new litigation/enforcement exposure.
The Framework applies directly to all property/casualty insurers registered with the NYDFS. The stated goals of the framework are to facilitate the continued growth of a sustainable and sound cyber insurance market by outlining best practices for managing cyber insurance risks.
Not only are insurers writing cyber insurance obligated to follow the framework’s guidance, but all insurers need to evaluate their silent risk – or the risk that an insurer must cover losses from a cyber incident under a policy that does not explicitly grant or exclude cyber coverage – and take steps to reduce
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From the rise of ransomware attacks to the recent SolarWinds-based cyber espionage campaign that struck at the very heart of the U.S. Government, it is apparent that cybersecurity is more critical than ever. COVID-19 and the remote workplace has only served to embolden cyber criminals, and cyber risk now permeates nearly every aspect of modern life from health care data to national security.
Cyber insurance plays a critical role in managing cyber risk, and businesses increasingly rely on such coverage to minimize cyber losses. Because of surging cybercrime, it is estimated that the cyber insurance market will increase from $3.15 billion in 2019 to $20 billion by 2025. Having a robust cyber insurance market and ample available coverage is vital to U.S. businesses.
Information Shield Enables Cyber Insurance Portfolio Risk Measurement
PR Web
March 04, 2021 Information Shield - a leading provider of cyber security compliance software – today announced support for the new Cyber Insurance Risk Framework. Using the ComplianceShield ™ platform and Cyber Risk Score ™ methodology, insurance providers can gain measurable insight into the cyber posture and inherent risk of their insured base. The new framework was created by the
New York Department of Financial Service (NYDFS) to help reduce systematic cyber risk across the insurance industry. Insurance providers are being required to assess the cyber maturity of their covered clients. said
David Lineman, CEO of Information Shield. Cyber risk assessment across a large portfolio of clients is a very time-consuming and inconsistent process. Using our ComplianceShield platform and Cyber Risk Score ™ method, insurance companies can quickly measure the cyber maturity of their covered clien
Information Shield Enables Cyber Insurance Portfolio Risk Measurement prweb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prweb.com Daily Mail and Mail on Sunday newspapers.
New York State Department Of Financial Services Lacewell Announces DFS Issues Cybersecurity Insurance Risk Framework - First Regulator In The Nation To Issue Specific Guidance For Property/Casualty Insurers Writing Cyber Insurance - Department Joins Law Enforcement Authorities Recommending Against Ransom Payments Date
04/02/2021
Superintendent Linda A. Lacewell today announced the New York State Department of Financial Services (DFS) issued a new Cyber Insurance Risk Framework. The Framework outlines industry best practices for New York-regulated property/casualty insurers that write cyber insurance to effectively manage their cyber insurance risk. The Framework is the first guidance by a U.S. regulator on cyber insurance.