Yearly Archives: 2021

THE NYDFS ISSUES NEW GUIDANCE ON RANSOMWARE ATTACKS

​​A guest post by Walter Contreras of Motiva​​As the Department of Financial Services noted in the Cyber Insurance Risk Framework in February 2021, the cost of ransomware attacks has also shaken up the cyber insurance market.  Because of ransomware, loss ratios on cyber insurance increased from an average of 42% during 2015-2019 to 73% in 2020. Cybercriminals keep demanding larger sums – ransom demands increased 171% from 2019 to 2020 and continue to grow. A major insurer, CNA, recently paid a $40 million ransom.  These extortion payments have funded more frequent and more sophisticated ransomware attacks. Due to the rise of ransomware the Department of Financial Services has issued guidelines…

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DFS Issues New Guidance on Ransomware Threat

​Warning of the danger of ransomware attacks, the New York State Department of Financial Services (DFS) has instructed the companies it regulates to put controls in place. DFS regulates the insurance industry, including agents and brokers, in New York.In a June 30 letter, the department said ransomware attacks are increasing. DFS-regulated companies reported an average of one ransomware attack a week between January 2020 and May 2021. Although the federal government and DFS discourage paying ransoms, 17 companies did so. The attacks are driving up costs, impacting cyber insurance premiums and coverage scope.According to the letter, ransomware attacks follow a consistent pattern. Hackers enter a…

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IICF Share Your Thanks! Campaign

​The Insurance Industry Charitable Foundation (IICF) is proud to partner with Our Military Kids to share our gratitude for the dedication, service, and sacrifice of military families. This summer, we invite you to join us and Share Your Thanks.From July 4th - September 11th, insurance industry professionals, families, and friends are invited to write a note, create a drawing, share your own story, or provide words of encouragement for the children and teens who make daily sacrifices while their parent is deployed or in recovery.Together, as a united industry, we can show our appreciation for military families!​Our Military Kids supports military children (ages 3 -…

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