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“Cybersecurity is the biggest risk for government and industry, bar none. Cyber insurance is critical to managing and reducing the extraordinary risk we face from cyber intrusions,” said DFS Superintendent Linda A. Lacewell. (Credit: Golden Sikorka/ Shutterstock) “Cybersecurity is the biggest risk for government and industry, bar none. Cyber insurance is critical to managing and reducing the extraordinary risk we face from cyber intrusions,” said DFS Superintendent Linda A. Lacewell. (Credit: Golden Sikorka/ Shutterstock)

In a first of its kind move by a U.S. regulator, the New York State Department of Financial Services (DFS) has issued a cyber insurance risk framework, which outlines best practices for the state’s regulated property and casualty insurers.

Calling cybersecurity the biggest risk for government and private institutions, DFS Superintendent Linda A. Lacewell said in a release: “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.”

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