DFS Issues New Guidance on Ransomware Threat
Warning of the danger of ransomware attacks, the New York State Department of Financial Services (DFS) has instructed the companies it regulates to put controls in place. DFS regulates the insurance industry, including agents and brokers, in New York.In a June 30 letter, the department said ransomware attacks are increasing. DFS-regulated companies reported an average of one ransomware attack a week between January 2020 and May 2021. Although the federal government and DFS discourage paying ransoms, 17 companies did so. The attacks are driving up costs, impacting cyber insurance premiums and coverage scope.According to the letter, ransomware attacks follow a consistent pattern. Hackers enter a…