Albany, New York, January 29, 2018 — The National Association of Insurance and Financial Advisors-NYS (NAIFA-NYS) today announced a first-of-its-kind compliance tool to assist New York life agents to comply with the state’s new cyber-security insurance regulation. The tool is now available through the association’s web site at www.naifanys.org.
“The cyber-insurance regulation promulgated by the New York Department of Financial Services puts a serious challenge out to all life agents who administer their own technology platforms, be they a laptop or multi-dimensional large-scale system,” said NAIFA-NYS President Joseph Tavernite. “Our program provides the pathway to compliance with easy-to-use analytical and policy tools, at a very reasonable cost.”
The three-part program—which directly responds to requirements in the DFS regulation—includes access to an online analytical tool, so that an agent can assess the cyber security of his or her IT system. The package also includes access to a draft model policy that an agent can edit based on his or her risk assessment, as well as access to an online training session.
The DFS regulation applies to all licensed insurance producers and entities that maintain their own IT systems and store non-public information. Failure to comply with the regulation could be devastating to a business and result in substantial fines.
NAIFA-NYS members will be able to access the new cyber-security compliance tool for as little as $300 per system. Non-members will be able to use it for $1,200 per system.
NAIFA-NYS will maintain an active role in assisting agents to access and use the product. “We believe the association will truly be serving its members by being an integral part of every agent’s effort to comply with the DFS regulation,” Tavernite said.
Executive Director Greg Serio said as well that “Trade associations not only advocate for their members, but they also try to address their business needs. NAIFA-NYS is helping its members navigate a new and complex regulation and, in the meantime, improve the security of their operations.”
For more information regarding the DFS cyber-security regulation and/or the NAIFA-NYS cyber-security compliance program, please contact Peter Molinaro, NAIFA-NYS General Counsel, at firstname.lastname@example.org or at 518-426-3800.
The National Association of Insurance & Financial Advisors-NYS (NAIFA-NYS) represents the interests of life insurance agents and financial advisors throughout New York. It advocates for a positive legislative and regulatory environment, enhanced business and professional skills, and the ethical conduct of its members in order to protect consumers and to encourage a healthy marketplace. Further details are available at www.naifanys.org.
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