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SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of Investment Management issued new Cybersecurity Guidance on April 28, 2015. As RICs and advisers become ever more dependent on information technology to conduct their...

Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting

Update on Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services and the National Association of Insurance Commissioners. Specifically, in a letter dated March 26, the DFS followed up its February 2015 Report on Cybersecurity in the Insurance Sector by requesting...

NAIC Amps Up Cybersecurity Oversight

The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity Insurance Regulatory Guidance, is a document listing 18 principles for effective regulatory guidance regarding the protection of the insurance sector’s data security and...

New NY Department of Financial Services Cybersecurity Examination Process

On December 10, 2014, New York State Department of Financial Services (DFS) Superintendent Benjamin M. Lawsky issued an industry guidance letter to all New York State chartered or licensed banking institutions announcing that DFS was expanding its examination procedures to increase its emphasis on cybersecurity and urging all institutions to make cybersecurity an “integral aspect of...

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