News & Analysis as of

Ransomware NYDFS Office of Foreign Assets Control (OFAC)

Bressler, Amery & Ross, P.C.

NY Department of Financial Services Issues Guidance to its Regulated Industry As a Result of the Ongoing Global Conflict

The New York State Department of Financial Services (the “Department”) has issued guidance (“Guidance”) to all individuals and entities regulated by the Department (“Regulated Entities”) to underscore the importance of...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Ransomware Guidance

The New York State Department of Financial Services recently announced new guidance addressing ransomware attacks, and highlighting cybersecurity measures to significantly reduce the risk of an attack. The guidance comes as...more

Husch Blackwell LLP

New York’s DFS Publishes A Cyber Insurance Risk Framework

Husch Blackwell LLP on

Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more

BCLP

NYDFS: Cyber Insurers Should Not Pay Ransom and Should Adopt “Best Practices”

BCLP on

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2, “Cyber Insurance Risk Framework” to all property-casualty insurers authorized to transact insurance in New York....more

Herbert Smith Freehills Kramer

Announcing ‘Cyber Insurance Risk Framework,’ NY DFS Joins OFAC in Discouraging Carriers From Making Ransomeware Payments

Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities...more

ArentFox Schiff

New York DFS Circular Letter No. 2 (2021): Cyber Risk Framework for Property & Casualty Insurers

ArentFox Schiff on

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

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