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N.Y. Cyber Security Regulations to be Faced by Insurance Professionals

The New York Department of Financial Services needs more than 3,000 financial institutions to implement a formal cyber security policy to overcome the ongoing cyber attacks. Within the new rules, entities such as insurance companies, agencies, insurance brokerage firms, and individual insurance professionals licensed to do business in New York, have to maintain a written cyber security policy. In addition, they need to conduct regular risk assessments within company-focused cyber security programs.

These new rules are also mandatory for insurance businesses and professionals who do not maintain office space in New York. According to IIABA, of the 27,000 licensed insurance agencies and firms in the U.S., 17,000 are in the State of New York alone and 10,000 are non-residents but maintain a New York license. Cyber-readiness is something that everyone should be considering because the threat doesn't only affect the target entity but it impacts the clients of that entity. It is believed that mainly independent insurance professionals are vulnerable as they hold large amount of personal and confidential information for their clients.

News Characteristics

Date : Jul 05, 2017
Region : North America
Industry : Insurance
Function : Regulation and Compliance
Sub-Function : Regulatory changes