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

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On February 4, 2021, the New York Department of Financial Services issued Circular Letter No. 2, “Cyber Insurance Risk Framework” to all property-casualty insurers authorized to transact insurance in New York. Concerned with escalating cyber insurance claims, the NYDFS has identified seven “Best Practices” that insurers should adopt in order to better manage cybersecurity risk. […]
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