Tag: regulatory fines

Insurance News – NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures

Nordstrom
NYDFS Cracks Down on Insurers

NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures The New York State Department of Financial Services (NYDFS) has taken significant action against car insurance providers, resulting in $20.4 million in fines due to widespread compliance failures. After a lengthy investigation, regulators called out several major insurers for not submitting vehicle coverage reports to the DMV within the required timeframes, a critical process for maintaining consumer protection and state records. This enforcement sends a clear signal to the industry about the importance of following regulations and highlights…

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Casino Cyber Siege: How MGM and Caesars Attacks Highlight the Power of Cyber Insurance

David Derigiotis
casino cyber security Insurance

In late 2023, two of the most iconic names in the hospitality industry—MGM Resorts and Caesars Entertainment—fell victim to significant cyberattacks. These breaches underscore the growing threat of cybercrime and highlight a dramatic shift in the digital battleground. Beyond a simple wake-up call for cybersecurity measures, these incidents showcase the pivotal role of cyber insurance in mitigating financial and operational damages and providing a lifeline during the chaos of a cyber crisis. The Attacks: What Happened? MGM Resorts International Russian hacker group, ALPHV, infiltrated MGM’s systems with a crippling ransomware…

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