Ask Tim; Cyber

Abstract: We have developed a Microsoft Excel workbook that will help you meet the requirement to maintain an inventory of your cyber assets. Body: ​As we mentioned last week, the New York financial services cybersecurity regulation requires all covered entities (including all insurance agencies) to create and maintain an inventory of their information system assets. Entities have until Nov. 1, 2025 to comply with this requirement.We have developed a Microsoft Excel workbook that will help you meet this requirement. For each listed device, it has fields for several pieces of information including those the regulation specifically mentions (owner, location, classification/sensitivity, support expiration date, recovery time…

Body: ​Question from a Big I NY member: "Question regarding data retention.  In our agency management system (AMS), we retain files as long as the provider does.  Is that acceptable?  We do so for protection, ie., say we wrote life insurance and fifteen years later the client dies and the company claims some type of misrepresentation from insured on application. We would want all of the backup notes, signed forms, questionnaires.  Is this okay?  I could not find on your website anything addressing this besides that we need to keep for the required legal periods, say seven years as a minimum, but what about longer?Also, say a client leaves us, I do…

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…