Commissioner Downing Statement on Russian Cyber Attack Risk

csimt 2022, Insurance, Press Release

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.”