On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance...more
10/24/2024
/ Artificial Intelligence ,
Banks ,
Cyber Attacks ,
Cybersecurity ,
Deep Fake ,
Email ,
NYDFS ,
Phishing Scams ,
Policies and Procedures ,
Regulatory Standards ,
Risk Assessment ,
Third-Party Service Provider
On May 25, 2022, in Grossman v. GEICO Cas. Co. (No. 21-278), the Second Circuit Court of Appeals affirmed the District Court’s dismissal of an attempted class action by two automobile policyholders alleging that GEICO...more
The New York Department of Financial Services (DFS) became the first US financial regulator to issue climate-related guidance intended to require insurers to manage the complex financial risks of climate change.
The...more
On February 4, 2021, the New York Department of Financial Services (DFS) issued Circular Letter No. 2 (2021) to all authorized property and casualty insurers in New York, outlining a “Cyber Risk Framework” that all authorized...more