The New York Department of Financial Services cyber security regulation—known as 23 NYCRR 500 by nerds like me—first went into effect on March 1, 2017. This regulation was the first in the nation to regulate the cyber security practices of the financial services...
N.Y.: DFS releases final cyber regulations, PIA offers guidance
The New York State Department of Financial Services released its official second amendment to the cyber security regulation (23 NYCRR 500) on Nov. 1, 2023. The amendment makes multi-factor authentication mandatory for all covered entities, increases the thresholds for...
Cybersecurity in the insurance industry
As the insurance sector continues to embrace technological advancements, it finds itself at the crossroads of leveraging digital solutions and confronting associated cyberthreats. Insurance agencies and companies hold vast amounts of sensitive information, from...
2FA, user security and you: Staying safe on X
According to Statista, a data gathering platform, X, formerly known as Twitter, has some 556 million monthly active users. Whether you’re an independent agent or the head of an agency, having a presence on a platform with more than half a billion active users is...
N.Y.: DFS publishes updated cyber security regulation for comment, PIA offers analysis
The New York State Department of Financial Services published a revised proposed second amendment to 23 NYCRR 500—colloquially referred to as New York’s cyber security regulation. The publication of the revised second amendment comes over six months after the...
Demand for cyberinsurance skyrocketing
As the world becomes accustomed to a sharp increase in major cyberattacks and data breaches, cyber insurance is becoming more popular. Cyberinsurance can protect a business if it is held liable for losses suffered if hackers steal customers’ sensitive data. You can...
AI: Emerging risks and opportunities for agents
The rise of artificial intelligence has changed our world completely—sparking impressive advancements and opening doors to countless possibilities. Yet, as we continue in this AI-centric era, we need to be prepared for the unexpected pitfalls it might bring—especially...
Connecticut Convention: Mock cyberattacks, networking
PIACT held its annual Connecticut Convention at the end of March—returning to the Hartford Marriott Downtown. The event featured hundreds of agents, company representatives, exhibitors, and more industry professionals from Connecticut. Excitingly, the Connecticut...
Managing risks with cyber liability policies
On Sept. 8, 2022, Suffolk County, New York, learned a professional hacking group known as BlackCat had gained unauthorized access to over 20 agencies with the county. Everybody from the police forces, to social services, to emergency dispatchers were forced to figure...
Navigating claims today: A modern approach provides specific industry advantages
Recently, claims management has had a hard and unmissable shove into the future. With the growing emphasis on digital transformation and the rise of InsurTechs, it’s nearly impossible to manage claims—or even exist—in the property/casualty insurance industry without...