New York Regulator Releases Cyber Insurance Framework
The guidelines outline best practices for P&C insurers to strengthen risk strategies and protect against the growing cyber threat.
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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