NY Regulator Wants Insurers To Clamp Down On Cyber Risk

Law360 (February 4, 2021, 8:08 PM EST) -- Spikes in ransomware attacks and the recent SolarWinds software hack highlight the need for insurers offering cyber insurance to cultivate cybersecurity expertise and rigorously vet their clients, New York state's financial regulator said Thursday.

The state's Department of Financial Services urged 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 backfire.

"Insurers that don't effectively measure the risk of their insureds also risk insuring organizations that use cyber insurance as a substitute for improving cybersecurity, and pass the cost of cyber...

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