NY’s Cyber Guidance Could Boost Risk Management for Insurers, Insureds Across U.S. By Yakir Golan and Visesh Gosrani | April 5, 2021
The Cyber Insurance Risk Framework, launched recently by the New York State Department of Financial Services, is a positive step for both insurers and insureds because it calls on insurers to consider more explicitly how they measure their cyber risk exposures, thereby ensuring appropriate focus on quantification methods to rate insureds and also to manage accumulation of systemic risks, which can be significant.
For insureds, on the other hand, the guidance encourages a framework that rewards them for improving their cyber risk posture. This also acts as another source of feedback insureds can act upon by using the education provided from insurers in an number of areas, including the value of cyber-security measures, to reduce the risk of the insureds suffering from cyber events that might result in harm and dis
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