The year 2017 had no shortage of headlines pertaining to cyber incidents. On the commercial side, you have the Equifax and Uber cases and on the government side, you have the DHS event. These cyber incidents ran parallel to awareness campaigns run out of the European Union for the General Data Protection Regulation (GDPR), a model law proposed by the National Association of Insurance Commissioners (NAIC), (based in part on the State of New York’s Department of Financial Services Cyber Law), and a deadline imposed by the Defense Federal Acquisition Regulation (DFAR). 2017 ended in a somewhat positive note as data suggests that the adoption rate of cyber insurance is now at 31% versus 19% the year before in the United States and the highest rates of increases were scene in India with 50%.
So what is in store for 2018 and how might these factors impact underwriting practices or adoption rates? To begin with, the State of New York has the first deadline to contend with. Business entities that are operating within the State of New York in the financial services sector and have $5M in revenue must submit artifacts to support they have a cybersecurity plan of operations to…
