New York DFS Announces Targeted Cybersecurity Examinations, Releases Report on Insurance Companies

Examination Nonbank Supervision Privacy/Cyber Risk & Data Security NYDFS

On February 8, New York DFS Superintendent Benjamin Lawsky announced that the DFS would begin (i) regularly examining insurance companies’ cyber security preparedness; (ii) enhancing regulations that will require insurance providers to meet higher standards of cyber security; and (iii) examining “stronger measures related to the representations and warranties insurance companies receive from third-party vendors.” Lawsky expects the targeted exams to begin in the “coming weeks and months.” The announcement was accompanied by the release of the state agency’s report on cybersecurity in the insurance industry.