By: Elizabeth Blosfield | March 8, 2021
The New York State Department of Financial Services (DFS) has issued new guidance 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.
As part of the guidance, called the Cyber Insurance Risk Framework, DFS is calling on regulated insurers to establish a formal strategy, approved by the insurer’s board or other governing entity, for measuring cyber risk based on the insurer’s size, resources and geographic distribution, among other factors.
In particular, insurers are urged to take measures to manage and eliminate exposure to silent cyber risk, which occurs when cyber exposures exist within a traditional property and liability policy that does not specifically include or exclude cyber risk.… read more > “New York Regulator Issues Guidance for Insurers Writing Cyber Policies in the State”