Crunching The Numbers In NYDFS' Cybersecurity Report

Law360, New York (March 4, 2015, 11:26 AM EST) -- For more than 20 years, insurers have been obligated by the Gramm-Leach-Bliley Act to put in place technical, physical and administrative safeguards to protect the confidentiality and integrity of the personal information of their customers. Yet, as the recent data breach affecting 80 million customers at Anthem Inc. demonstrates, these safeguards have not always been able to withstand the increased sophistication and ferocity of cybercriminals and rogue states intent on invading and disrupting the critical financial infrastructure of U.S. insurers for financial and strategic gain. As insurance regulators take notice, insurance companies will face greater pressure from regulators to demonstrate they have taken adequate measures to safeguard protected customer information, with a resulting increase in targeted examinations, data calls, investigations and penalties for inadequate controls....

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