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New York Regulator Tells Insurers to Better Manage Cyber Risks

Feb. 4, 2021, 4:51 PM

Insurers that offer cyber coverage should better manage security risks, including those stemming from systemic issues like the SolarWinds Corp. supply chain attack, according to New York’s financial regulator.

The guidance is part of a cyber insurance risk framework issued Thursday by the New York State Department of Financial Services. It’s said to be the first guidance of its kind from a U.S. insurance regulator.

It comes as cyber insurers must keep up with rising threats and costs from ransomware attacks and other incidents.

The New York agency told the insurers it regulates to measure cyber risk and try ...