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The New York State Department of Financial Services recently issued guidance for New York-regulated property and casualty insurers to effectively manage the cyber insurance risk present in their insurance portfolio. The DFS’ guidance signals an effort to reduce overall volatility in the cyber insurance market, which has been compounded by the recent proliferation of cyberattacks and by insurers’ widely varying approaches to measuring each policyholder’s cyber risk profile.
Although the DFS’ Cyber Insurance Risk Framework applies primarily to New York-regulated property and casualty insurers that write cyber insurance, the framework cautions that insurers that do not write cyber insurance nevertheless should evaluate their potential exposure to “silent risk” in their non-cyber insurance policies. Further, as the DFS has taken the lead in recent years among insurance regulators on cybersecurity issues, the frame
The New York State Department of Financial Services recently issued guidance for New York-regulated property and casualty insurers to effectively manage the cyber insurance risk present.
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.
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.