DFS Fines an Insurance Producer for Cybersecurity Violations … But Not One Like You
In the five and a half years since the New York State Department of Financial Services implemented its Cybersecurity Requirements For Financial Services Companies regulation, I had yet to hear of an insurance producer being penalized for violations. Until this week. As is my habit, I checked the department's website first thing Monday morning and found a news release they had issued last Friday, June 24. The release announced a $5 million penalty against an insurance producer for violations of the regulation. I should mention that this wasn't any ordinary insurance producer. It was Carnival Cruise Line, the high-profile provider of ocean cruises whose annual revenue shrank to…