In what the New York Department of Financial Services (NYDFS) is touting as the first guidance by a U.S. regulator on cyber insurance, NYDFS announced on February 4, 2021, in Insurance Circular Letter No. 2 (2021), that it has issued a new Cyber Insurance Risk Framework (Framework) addressed to authorized property/casualty insurers that write cyber
cyber insurance
Court Finds That Insurer’s Quote Implied Coverage for Computer Hacking Losses
By Robinson+Cole's Data Privacy + Cybersecurity Team on
Posted in Enforcement + Litigation
In an interesting case from Indiana, a court recently ruled that language in the insurer’s “quotes” for coverage in a crime policy led the insured to believe that losses for computer hacking would be covered under the policy if the insured purchased coverage. The case, Metal Pro Roofing, LLC v. Cincinnati Insurance Company, 2019…
FFIEC Members Issue Joint Statement to Financial Institutions on Role of Cyber Insurance as Risk Management Tool
By Norman Roos & Scott Baird on
Posted in Cybersecurity
On April 10, the Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discussing cyber insurance and its potential role in the risk management programs of financial institutions. Members of the FFEIC include the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union…