New York Investigates Insurance Companies’ Cyber Security

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On May 28, New York Governor Andrew Cuomo announced an inquiry into the measures employed by insurance companies to protect their customers and companies from cyber threats. The state’s Department of Financial Services sent letters to 31 insurers seeking an array of information, including information about (i) any cyber attacks the company has been subject to in the past three years; (ii) the cyber security safeguards the company has put in place; (iii) the company’s information technology management policies; (iv) the amount of funds and other resources dedicated to cyber security at their company; and (v) the company’s governance and internal control policies related to cyber security. The governor explained that the state already is focused on ensuring that banks have appropriate protections in place, but that insurers also should be scrutinized because the “extraordinarily sensitive health, personal, and financial information that New Yorkers entrust to their insurance companies is a virtual treasure trove for hackers.”

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