Broker Check

New York's Cybersecurity Guidance for Insureds

March 02, 2021
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Most of the attention to the New York Department of Financial Services cybersecurity guidelines have been focused on its message to insurers. A post by Lewis Price LLC on the Lexology website notes there is also guidance for insureds:

  • Understand the cost of a cybersecurity incident. Know the risk a cyber attack can pose and whether you have appropriate insurance.
  • Understand your cyber policy's coverage. Cyber policies today have a broad range of coverages, but subject to exclusions and sub-limits. It's also  important to know how to report a claim and whether you must maintain any security systems. Your broker or adviser should help you with any questions.
  • Consider your specific and general industry risks - these should influence what coverages you need.
  • Learn about cyber risk. Educate yourself and consult expert advice both inside and outside your company.