Commissioner of Securities and Insurance Troy Downing released the following statement in response to the heightening risk of cyber-attacks against American companies by the Russian government and state-sponsored actors.
“The United States and our allies have announced economic sanctions against Russia in response to the invasion of Ukraine. As a result, the risk of retaliatory cyberattacks against critical infrastructure and American economic interests by the Russian government has intensified.
Our agency is recommending companies in the securities and insurance industries — regardless of size — adopt an increased posture against cyberattacks to protect their critical assets and the confidential information of their customers and clients.
Companies with cyber insurance must remember these policies are not a replacement for cybersecurity. In the event of a cyber or ransomware attack, the policy may not cover all the costs associated. Most cyber plans also include “war” exclusions, meaning your claim could be denied if a state actor perpetrates the attack.
While no credible threats are currently being conveyed by federal law enforcement, companies must proactively take steps to harden their defenses against cyberattacks.”