There’s a new meaning to “C-suite” as cybersecurity is not just an IT risk. The New York State Department of Financial Services (DFS) gave new meaning to “C-suite” when it sent a letter to CEOs, GCs and CIOs of regulated insurance companies at the end of March 2015, notifying them that DFS examinations will now focus more attention on cybersecurity.
The letter came on the heels of DFS Superintendent Benjamin M. Lawsky warning: “Recent cybersecurity breaches should serve as a stern wake up call for insurers and other financial institutions to strengthen their cyberdefenses. Those companies are entrusted with a virtual treasure trove of sensitive customer information that is an inviting target for hackers. Regulators and private sector companies must both redouble their efforts and move aggressively to help safeguard this consumer data.”
Given these concerns and the high stakes associated with cybersecurity, C-suites of all financial institutions—not just those regulated by DFS—should carefully consider how they can bolster their firms’ cybersecurity defenses by reviewing regulatory findings and implementing appropriate practices to safeguard their data. [Read more…]