Remove 2021 Remove Data Remove Financial Services Remove Insurance Remove Security
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Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

These climate events have a huge potential impact on financial institutions. In 2021, large-scale floods affected the European countries of Austria, Germany, Belgium, the Netherlands and Luxembourg, causing USD 43 billion worth of damage in addition to a tragic loss of life. Financial services firms can use the tool for “what if?”

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New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Rigorously Measure Insured Risk. The Framework.

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NY Department of Financial Services Issues Cyber Fraud Alert to Regulated Entities Using Instant Quote Websites

Hunton Privacy

The NYDFS learned of the threat after receiving reports from auto insurers that cybercriminals were targeting their premium quote sites to steal driver’s license numbers. NYDFS attributes the growing threat activity, in part, to heightened fraud during the COVID-19 pandemic.

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NYDFS Imposes Fine of $5 Million on Carnival for Cybersecurity Breaches

Hunton Privacy

On June 24, 2022, the New York State Department of Financial Services (“NYDFS” or the “Department”) announced it had entered into a $5 million settlement with Carnival Corp. Since Carnival was licensed by the Department to sell insurance in NY State, it was treated as a covered entity under the Cybersecurity Regulation.

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Ransomware Protection in 2021

eSecurity Planet

The internet is fraught with peril these days, but nothing strikes more fear into users and IT security pros than the threat of ransomware. Attackers will inform the victim that their data is encrypted. Also Read: Best Encryption Tools & Software for 2021. Raising awareness about ransomware is a baseline security measure.

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. For example, Mondelez International Inc. complaint filed Oct.

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Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?

HL Chronicle of Data Protection

In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. NYDFS: Setting a new bar for state cybersecurity regulation.