As 2021 comes to a close, Insurance Journal is looking back on its top stories of the year. In the East region, the ongoing COVID-19 pandemic remained top
The rapid rise in cyber incidents particularly during the pandemic has put significant pressure on insurers to update how they are underwriting cyber risk.
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In just one year, ransomware attacks reported to the New York
State Department of Financial Services ( DFS ) have
almost doubled. In these incidents, a cyber-attacker installs
malware that encrypts a victim s computer systems or files and
then demands a fee, or ransom, to unlock the encrypted data.
Fortunately, cyber insurance that expressly covers the risk of
ransomware has been widely available in recent years. These
policies will pay for some or all of the ransom demand in the event
of a ransomware attack, allowing the policyholder to regain control
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In just one year, ransomware attacks reported to the New York State Department of Financial Services (“DFS”) have almost doubled. In these incidents, a cyber-attacker installs malware that encrypts a victim’s computer systems or files and then demands a fee, or ransom, to unlock the encrypted data. Fortunately, cyber insurance that expressly covers the risk of ransomware has been widely available in recent years. These policies will pay for some or all of the ransom demand in the event of a ransomware attack, allowing the policyholder to regain control over its files and systems and resume operations. While paying a ransom is unappealing to most, it is typically far less expensive than the cost of replacing or restoring permanently-locked files and equipment, along with associated downtime.
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On April 14, 2021, the New York Department of Financial Services (DFS) announced it settled an enforcement action against National Securities Corporation (“National Securities”) related to claims under the Cybersecurity Regulation, 23 NYCRR Part 500. The Consent Order imposes a $3 million penalty, various remediation measures and represents a flurry of cybersecurity activity by the regulator in the first quarter of 2021. Over the last two months DFS settled two enforcement actions and issued amended charges against First American, the first charges under the Cybersecurity Regulation, originally announced less than a year ago.
April 14, 2021, Settlement