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New York’s Department of Financial Services (DFS) Cybersecurity Regulation (23 NYCRR 500), which took effect on March 1, 2017, will have a significant impact on both resident and non-resident insurance producers transacting business in New York. Compliance with this new regulation is mandated by September 1, 2017.
Every “covered entity,” including New York licensed insurance producers, must assess their specific cybersecurity risk profile and design a program that addresses those risks, as well as conduct periodic reviews and updates of their cybersecurity program in order to ensure the security of their information systems and protection of their clients’ nonpublic information.
ELANY’s Bulletin 2017-12 addresses several situations unique to insurance producers regarding this regulation.
Click here to read the bulletin in full.