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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.
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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
New York Regulator Issues Guidance for Insurers Writing Cyber Policies in the State
The New York State Department of Financial Services (DFS) has issued new guidance spelling out best practices for New York-regulated property/casualty insurers that write cyber insurance. This serves as the first guidance the regulator has issued on cyber insurance in particular.
“Cybersecurity is the biggest risk for government and industry, bar none,” said DFS Superintendent Linda Lacewell in a press release issued by her office. “Cyber insurance is critical to managing and reducing the extraordinary risk we face from cyber intrusions. After extensive dialogue with industry and experts, we are issuing guidance to foster the growth of a robust cyber insurance market that can effectively help protect us against the growing cyber threats we face.”
New York financial regulator issues cyber insurance guidance businessinsurance.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsurance.com Daily Mail and Mail on Sunday newspapers.