New York's Cybersecurity Rules: What Insurance Professionals Should KnowPDF
JillAllison Opell and Ron Lebow's article, "New York's Cybersecurity Rules: What Insurance Professionals Should Know" was published in the Insurance Journal on March 6, 2017.
From the article...
"The New York Department of Financial Services (DFS) has issued cybersecurity requirements for financial services companies (cyber rules) that went into effect March 1.
The cyber rules, codified at 23 NYCRR §500, require insurance and insurance-related companies as well as brokers, agents and adjusters licensed in New York to assess their specific cyber risk profiles and design cybersecurity programs that address such risk in a “robust fashion.”
There is no doubt that cyber risk is real, and the DFS has taken steps to manage it by way of the regulation. Still, the cyber rules could prove to be problematic, particularly for licensed brokers, agents and adjusters."