NY Guidelines May Boost Cyber Insurance Market's Resilience

Law360 (February 9, 2021, 8:49 PM EST) -- New York's insurance regulator recently issued guidelines urging insurers offering cyber coverage to engage teams of experts and intensively vet clients, measures that could help strengthen the market's stability as ransomware attacks and hacking incidents continue to proliferate.

The state's Department of Financial Services last Thursday called on cyber insurers to develop a "rigorous and data-driven approach to cyber risk," offering a new framework to do so while warning that failures to carefully assess client risks could have detrimental consequences for the market as a whole.

The DFS pointed to the recent hack of SolarWinds' Orion enterprise network management software —...

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