The New York State Department of Financial Services notified New York banking institutions of expanded IT examination procedures that immediately take effect. The move by one of the nation’s largest states could foreshadow federal expectations for banking institutions to be included by the Federal Financial Institutions Examination Council in its anticipated cybersecurity guidance. The guidance likely will address the issue, says financial fraud expert Avivah Litan, a Gartner analyst. Litan: Qualifying for cyber-risk insurance can provide useful information for assessing your bank’s risk level and identifying cybersecurity tools and best practices.”]
Source: https://www.bankinfosecurity.com/will-banks-be-required-to-have-cyber-insurance-a-7673