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NYDFS Data Breach Settlement with Two Life Insurers

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New York Department of Financial Services Announces a $1.8 Million Settlement with Two Life Insurers for Data Breach Violations
Monday, July 12, 2021
The New York Department of Financial Services (“NYDFS”) recently announced that it has entered into a Consent Order with two affiliated life insurers for alleged violations of New York’s Cybersecurity Regulation (the “NY Cybersecurity Regulation”). The NYDFS conducted an investigation and determined that the two life insurers (the “Companies”) had been the subject of two phishing attacks in 2018 and 2019, which compromised the email accounts of several of the Companies’ employees, providing access to a significant amount of sensitive and personal data of their customers. The NYDFS indicated that its investigation revealed the Companies allegedly violated the NY Cybersecurity Regulation by failing to implement MultiFactor Authentication (“MFA”) without implementing reasonably equ ....

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New York Department of Financial Services Announces a $1.8 Million Settlement with Two Life Insurers for Data Breach Violations | Polsinelli

New York Department of Financial Services Announces a $1.8 Million Settlement with Two Life Insurers for Data Breach Violations | Polsinelli
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