Insurers Grappling With New York Cybersecurity Regulations; More States To Follow

Cybersecurity is back in the news as banks, insurers and other financial entities faced another tough compliance hurdle in New York.
The Sept. 4 deadline brought another host of requirements contained within New York’s tough cybersecurity initiative approved last year. The New York Department of Financial Services passed its own rules without waiting for state insurance commissioners, who later amended its model law to resemble the New York effort. “New York stepped into the void and took decisive action to ensure appropriate minimum standards protecting financial institutions’ data systems, including consumers’ sensitive personal information," said Maria T. Vullo, superintendent of the DFS.