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The New York Director of Financial Services fined Delta Dental Insurance Company (DDIC) and Delta Dental of New York (DDNY) $2.5million for violations of cybersecurity regulations (23 NYCRR Part 500) following a 2023 cyber attack.
The hack resulted from the use of MOVEit transfer. The consent order is specific in detailing the evaluation of the cyber attack and the obligations it places on DDI by the NYDFS. In its findings, the NYDFS found DDI did not have a MOVEit file retention policy or procedures for the disposal of information, allowing information exfiltration. The companies’ incident response policies and procedures lacked detail and guidance concerning regulatory reporting. Resulting in violations of the law and regulations.
What is not always appreciated is that, along with monetary penalties, regulatory violations can come with regulatory oversight and cooperation.
@Thaddeus Dziekanowski Brian D. McCarthy
@Parava Security Solutions Delta Dental Ins.
#cybersecurity
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