Daily Archives: October 31, 2024

DFS Letter: Beware of Cyber Risks From A.I.

Abstract: The New York State Department of Financial Services (DFS) has cautioned the entities it regulates to be alert to cybersecurity risks resulting from using artificial intelligence (AI) technology. Body: ​The New York State Department of Financial Services (DFS) has cautioned the entities it regulates to be alert to cybersecurity risks resulting from using artificial intelligence (AI) technology. The department also described steps for reducing those risks.DFS responded in the October 16 industry letter to questions about the cyber risks from AI and what to do about them. The letter did not add new requirements to those in the department's cybersecurity regulation. Instead, it explained…

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Windstorm Deductible Trigger Bill Discussion With Gov. Hochul

Abstract: This week the Big I NY legislative team and a small group of agent members met with Counsel for Gov. Hochul to share perspective on the wide variety of windstorm deductible triggers used in New York insurance policies. Body: ​This week the Big I NY legislative team and a small group of agent members met with Counsel for Gov. Hochul to share perspective on the wide variety of windstorm deductible triggers used in New York insurance policies.  Late in the legislative session, lawmakers passed A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm…

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