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To quote @Thaddeus Dziekanowski, the ‘shoemakers children don’t have shoes’ as the New York Services Department of Financial Services fines Travelers Indemnity Company and Great Employees Insurance Company a combined $11.3m by the regulator into cybersecurity practices at both companies. Following data breaches.Travelers Indemnity Companyhttps://lnkd.in/enqauVsjGreat Employees Insurance Company (GEICO)https://lnkd.in/eFXWutBbThe subsequent CONSENT ORDERS are worth a quick read. The regulator lays out the industry communications made to industry participant about cybersecurity risk management under 23 NYCRR § 500.In these cases the regulator highlighted a number of failings in the implementation of cybersecurity programs; failure to implement cybersecurity policies; to review cyber risk on a regular basis; to conduct adequate monitoring and penetration testing.As an observation, In bringing the actions the NYDFS highlighted that the relief paid by Travelers of $1.2m and GEICO of $5m was due to their cooperation in the regulators investigation and extent to which both parties will work to remediate findings.@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan Veritas GRC New York State Department of Financial Services The Travelers Indemnity Company of America GEICO#cybersecurity #cyberriskmanagement #cyberinsurance
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