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New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Insurers should: Establish a Formal Cyber Insurance Risk Strategy.

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. sought coverage for expenses under its property insurance policy.

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Ransomware infected systems at Xchanging, a DXC subsidiary

Security Affairs

Systems at Xchanging, a subsidiary of Global IT services and solutions provider DXC Technology was hit by ransomware over the weekend. Global IT services and solutions provider DXC Technology disclosed a ransomware attack that infected systems at its Xchanging subsidiary.

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The Week in Cyber Security and Data Privacy: 12 – 18 February 2024

IT Governance

Welfare Benefits Plan Source 1 ; source 2 New Healthcare USA Yes 13,079 Insurance ACE/Humana Inc. Fowler sent a responsible disclosure notice when he discovered the database and it was secured the following day. It is not known how long the database was publicly available, nor whether anyone else accessed it.

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Security Compliance & Data Privacy Regulations

eSecurity Planet

GDPR (among other legal requirements in the EU and elsewhere) can expose multinational organizations to hefty financial penalties, additional rules for disclosing data breaches, and increased scrutiny of the adequacy of their data security. Regulatory compliance and data privacy issues have long been an IT security nightmare.

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Multinational ICICI Bank leaks passports and credit card numbers

Security Affairs

If malicious actors accessed the exposed data, the company could have faced devastating consequences and put their clients at risk, as financial services are the main target for cybercriminals. ICICI Bank’s response Threat to financial accounts Finance and insurance are one of the most targeted industries by cybercriminals.

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The most valuable AI use cases for business

IBM Big Data Hub

McDonald’s is building AI solutions for customer care with IBM Watson AI technology and NLP to accelerate the development of its automated order taking (AOT) technology. Not only will this help scale the AOT tech across markets, but it will also help tackle integrations including additional languages, dialects and menu variations.