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DFS Urges Compliance Measures in Wake of Russian Attack on Ukraine

​ The New York State Department of Financial Services (DFS) is urging precautions following Russia’s invasion of Ukraine last week. In a Feb. 25 letter to all regulated people and entities, DFS provided detailed guidance. We encourage all of you to: Review the contents of the letter; andImplement those measures that are appropriate for firms of your size and scope of operations. This is particularly necessary if you do business with companies in either of the two countries.Writing that the “Russian invasion of Ukraine significantly elevates the cyber risk for the U.S. financial sector,” Superintendent Adrienne Harris said that regulated entities should:Review their cybersecurity programs…

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​ Albany Update: Favorable Amendments to Insurance Disclosure Act (Finally) Enacted

What Happened:On Thursday evening, Governor Hochul signed Big I NY-supported amendments to the Comprehensive Insurance Disclosure Act (CIDA). Fifty-five days since the passage of the CIDA, agents and insurers can finally breathe a sigh of relief as significant beneficial changes are officially on the books. The CIDA will now apply only to actions filed after December 31, 2021 (not all pending actions, as originally passed). Additionally, policy applications are no longer subject to mandatory disclosure, PIP actions are exempted from disclosure, and the time frame for disclosure will be extended from 60 days to 90.What's Next:While the amended CIDA is less sweeping than the original, it still…

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Industry Roundup: Only 3% of Employees Want to Return Full-Time to Their Offices; Cyber Market Primed to Grow and Eclipse Property by 2040; Auto Insurance Shopping Sees Quarter-On-Quarter Decline; Pet Benefits May be a Key to Retaining Talent

​Manufacturers are Now Hackers' Favorite TargetsManufacturing was the industry most targeted by hackers during 2021, accounting for 23.2% of incidents, according to IBM Security X-Force research. The sector edged out insurance and financial services by a slim margin.Cyber Market Primed to Grow and Eclipse Property by 2040: Gallagher ReFollowing a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property catastrophe market by 2040, said Gallagher Re.Agency's Specialty Portfolio Often Fragmented by Working with Multiple CarriersThe Hanover Insurance Group recently released its State of Specialty Insurance Report, which highlights the risks of…

Continue ReadingIndustry Roundup: Only 3% of Employees Want to Return Full-Time to Their Offices; Cyber Market Primed to Grow and Eclipse Property by 2040; Auto Insurance Shopping Sees Quarter-On-Quarter Decline; Pet Benefits May be a Key to Retaining Talent