Ask Tim; Cyber

Abstract: All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1. Body: ​All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1. These requirements are part of the 2023 amendments the New York State Department of Financial Services (DFS) made to the state's financial services cybersecurity requirements.While most Big I New York member agencies have fewer than eight employees and do not have a staff person known as a “system administrator," some may have one who performs some administration functions. A system administrator has special systems access, allowing them…

Abstract: The new tool helps agencies that qualify for the limited exemption identify the requirements that apply to them. It also informs the agency as to which filing it must submit before the April 15 deadline. Body: ​ We are pleased to announce the creation of another new resource to help inde​pendent insurance agencies comply with the New York financial services cybersecurity regulation. The new tool helps agencies that qualify for the limited exemption identify the requirements that apply to them. It also informs the agency as to which filing it must submit ​​before the April 15 deadline. Section 500.17(b) of the regulation requires all "covered…

Abstract: You now have one-stop access to information about the cybersecurity practices of large publicly traded insurance carrier groups. Body: Big I New York has unveiled a new resource to help agencies comply with part of the New York financial servi​ces cybersecurity regulation. Specifically, it will make it easier for you to comply with the requirements regarding third-party service providers. You now have one-stop access to information about the cybersecurity practices of large publicly traded insurance carrier groups.The regulation's Section 500.11 requires all covered entities, including insurance agencies and brokers of any size, to “implement written policies and procedures designed to ensure the security of…