With growing executive demand for changes to cybersecurity processes and awareness comes inherent challenges to an organization. To set the stage, the NotPetya attacks on Moeller-Maersk shipping company took them offline for ten days. Jim Haggemann Snabe, the Chairman, describes the heroic efforts to get 45,000 PCs and 2,500 servers back and up and running (see video) proves that ransomware attacks or never before seen attacks can have tremendous impact on business operations.
Anders Norremo, CEO of ThirdPartyTrust, had the pleasure of moderating a panel at the OnRamp Insurance Conference on Thursday April 12th, 2018. The panelist included Mia Boom-Ibes, Fawaz Rasheed, Steve Timmerman, and Tammy Kocher. They all gave great insight to how cybersecurity is shaping the insurance industry.
We will explore questions surrounding the New York Department of Financial Services Cyber Regulation, next-generation technologies and the biggest needs from these organizations.
The Ponemon Institute conducted a study back in April of 2016 surveying companies to understand the challenges they face in protecting sensitive and confidential information shared with third parties resulting in Data Risk in the Third-Party Ecosystem study.
The attacks of 2016 & 2017 revealed the scope of cyber warfare is limitless, that no individual, no organization and no region is impenetrable. Over these past two years, hackers have targeted a diverse array of institutions. The National Security Agency, the Federal Bureau of Investigation, and the presidential campaigns in both the United States and in France are a few of many organizations to have experienced data breaches.
If you missed it, President Donald Trump signed an Executive Order to implement improved cybersecurity practices at the federal level including networks, critical infastructure and the Nation. The cyber community has mostly been pleased with the outlined plan to bolster the nations security posture and focus on protecting against cyber attacks.
New York’s DFS Cybersecurity Regulations in a Nutshell
The NY Department of Finance recently cast stringent and wide-reaching Cybersecurity regulations on banks, insurance companies, other financial services institutions, and anyone that does business with these types of entities in the state of New York.