Broker Check

New York's Cybersecurity Guidance for Insureds

March 02, 2021

Most of the attention to the New York Department of Financial Services cybersecurity guidelines have been focused on its message to insurers. A post by Lewis Price LLC on the Lexology website notes there is also guidance for insureds:

  • Understand the cost of a cybersecurity incident. Know the risk a cyber attack can pose and whether you have appropriate insurance.
  • Understand your cyber policy's coverage. Cyber policies today have a broad range of coverages, but subject to exclusions and sub-limits. It's also  important to know how to report a claim and whether you must maintain any security systems. Your broker or adviser should help you with any questions.
  • Consider your specific and general industry risks - these should influence what coverages you need.
  • Learn about cyber risk. Educate yourself and consult expert advice both inside and outside your company.