DFS Case Shows Insurance Ramifications Of Cyber Breaches

By Peter Halprin and Nicolas Pappas (August 25, 2020, 6:23 PM EDT) -- In 2017, the New York State Department of Financial Services instituted a landmark cybersecurity regulation, Title 23 of New York Codes, Rules and Regulations, Part 500, for regulated entities including banks, financial services, insurance companies, lenders, mortgage companies and service providers.

The regulations were designed to promote the protection of customer information as well as the information technology systems of regulated entities. To that end, the regulations required companies to assess their specific risk profile and to design a program that addresses those risks.

Although Part 500 gave the DFS the ability to bring formal charges against violators of Part 500,...

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