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Insurers Advised to Take Immediate Action on NY Cybersecurity Regulation

(Published March 24,2017) On March 1, 2017, New York State Department of Financial Services (DFS) implemented benchmark regulations governing financial institutions and cybersecurity. Based on the serious nature of cyber security breaches that risk consumers’ personal information as well as insurers’ information technology (IT) systems, most financial service entities doing business in New York, including insurance companies, affiliates and third party service providers, must comply with comprehensive new minimum cyber security standards within a tight time frame. Insurers not doing business in New York are also advised to pay close attention to these regulations as they are likely to have a far-reaching impact beyond the state line.

Insurers Advised to Take Immediate Action on NY Cybersecurity Regulation

(Published March 24,2017) On March 1, 2017, New York State Department of Financial Services (DFS) implemented benchmark regulations governing financial institutions and cybersecurity. Based on the serious nature of cyber security breaches that risk consumers’ personal information as well as insurers’ information technology (IT) systems, most financial service entities doing business in New York, including insurance companies, affiliates and third party service providers, must comply with comprehensive new minimum cyber security standards within a tight time frame. Insurers not doing business in New York are also advised to pay close attention to these regulations as they are likely to have a far-reaching impact beyond the state line.

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