News

DFS Announces First Enforcement Action of NYS Cyber Regulation

​This week, the Department of Financial Services announced the first charges for violations of Reg 500, aka the Cyber Regulation. The Department alleges a laundry list of violations by First American Title Insurance Company, which resulted in the exposure of millions of customer documents.We have long speculated and advised you that DFS will not take violations of the Cyber Regulation lightly. Now, we have a bit more clarity: in this case, DFS holds that each instance of exposed customer information carries up to a $1,000 fine. Need a reason make sure your agency is in compliance? The DFS just gave you a billion reasons.The good news: Big I…

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Albany Update: Legislature Adjourns, Victory on Business Interruption, “Bad Faith” Bills

 What you need to know:The New York State Senate and Assembly have adjourned for the year.Several bills that Big I NY opposed, including business interruption coverage mandates and “bad faith" liability were not passed.The legislature will hold joint hearings on COVID-19 between July 28th and August 25th. ​As of July 24th, the NY Senate and Assembly stand adjourned at the call of the Majority Leader and Speaker​, respectively. Unlike in past years, all bills “on third reading," meaning those that have passed the relevant committee(s) and are eligible for a vote by the full house, remain on third reading. Legislative leaders can call legislators back to session…

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On Our Mind…Learning to Thrive

By Sue Keegan, AIC, MBA, Learning & Development CoordinatorMy daughter has a dream catcher in her room, hanging over her bed.  Legend says good dreams pass through the dream catcher to the sleeping child and bad dreams are warded off.  A dream catcher is a good luck charm that absorbs positive energy while repelling negative energy.  My daughter was a true believer in this legend when she was younger.  She's sixteen now, and although we haven't talked about it in forever, that dream catcher remains on her wall.  She has approached COVID-19 with such a positive attitude that I almost think there is something to be said about the…

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