"Stern Wake-Up Call" For New York’s Insurance Industry

The New York State Department of Financial Services, which oversees both banks and insurance companies, has released its Report on Cyber Security in the Insurance Sector. A post from Sutherland Asbill summarizes and links to the report, which was issued in the wake of the recent data breach at health insurer Anthem, a breach that exposed personal information on more than four million New Yorkers. Recent cyber breaches, said the superintendent of the DFS, should be “a stern wake-up call for insurers and other financial institutions to strengthen their cyber defenses.” The survey did find that a majority of respondents – 84 percent – said they participated in information-sharing organizations, and an equal percentage conducted audits of third party service providers. But the agency said it was a matter of concern that even a relatively small number failed to do so.