PUBLISHED ON: May 31, 2017
On March 1, citing the “ever-growing threat posed to information and financial systems by nation-states, terrorist organizations and criminal actors,” new cyber security regulations for banks, financial services, and insurance companies, promulgated by the New York State Department of Financial Services, went into effect.
The regulations are designed to promote the protection of customer information as well as the information technology systems of regulated entities. To that end, the regulations require each company to assess its specific risk profile and to design a program that addresses the risk in a robust fashion.
To read the full article: Insurance implications of the state's new cybersecurity regulations