NY insurers are being asked to supply detailed insights on the existing data security solutions.As consumer advocacy groups underscore the severity of cybersecurity threats facing government, healthcare and financial service institutions, New York Governor Andrew Cuomo is hoping to solicit additional information before proposing policy reforms. Recently the governor's office addressed formal request for information notices to the state's leading insurance providers in an effort to gain perspective on the organizational resources allocated toward protecting sensitive data."The extraordinarily sensitive health, personal and financial information that New Yorkers entrust to their insurance companies is a virtual treasure trove for hackers," Cuomo explained. "It's vital that we stay ahead of the curve on cybersecurity because we know hackers aren't going to give us any breathing room."
The letters sent by New York State Department of Financial Services (DFS) representative specifically inquire as to the frequency and severity of cyberattacks experienced by the insurer over the past three years as well as the data security technologies and policies currently in place to deter such breaches. This move mirrors a DFS initiative launched earlier in the year investigating the state's banking sector.
Actionable information?
According to GovInfoSecurity, state officials have yet to specify their exact intentions with the on-the-ground intelligence they are hoping to gather. However, the process may be even more exhaustive than previous projects. As Forrester Research analyst Ellen Carney told the news source, insurers collect more customer data to formulate an initial quote than most banks do to maintain an existing account.
She also cautioned that the insurance industry's comparatively low rate of data security incidents should not be taken for granted, as it may only be a matter of time before hackers begin tracking targets of immense opportunity. But in concert with the state Cybersecurity Advisory Board founded just weeks ago, it seems New York has its regulatory priorities in the right place.
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