AIA Issues Statement on Adoption of Final New York DFS Cybersecurity Regulation

WASHINGTON, Feb. 16 -- The American Insurance Association issued the following statement by Vice President Alison Cooper in response to the New York Department of Financial Services adoption of Cybersecurity Regulation:

Taking effect March 1, the Regulation requires financial institutions to establish a cybersecurity program. AIA had previously submitted comments to DFS emphasizing the need for greater flexibility so that companies can adapt to the evolving threat landscape and emerging technologies in a manner that best fits their risk profile.

"The insurance industry shares the Cuomo Administration's commitment to ensuring that consumers and financial institutions are protected to the greatest extent possible from cyber threats.

"Throughout the regulatory review period, we emphasized how critical it is for insurers to have the ability to tailor and implement their cybersecurity programs in a risk-based manner.

"While some challenges remain, overall the final cybersecurity regulation provides greater flexibility so insurers are able to better adapt to an evolving threat landscape.

"AIA looks forward to working with DFS on the implementation of the regulation so that insurers can continue to do their part in safeguarding against potential cyber-attacks."

[Category: Insurance]

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