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in Editors' Featured, Education

New York Regulator Views Cyber as ‘Biggest Risk for Financial Services Industry’ Right Now

Justin Herring, executive deputy superintendent at the New York State Department of Financial Services (DFS) discussed the possibility that a large cyber event could cause the next great financial crisis during Insurance Journal’s recent webinar, Cyber Insurance: Is This the Beginning, Middle or End?
 
“I think that our view is definitely that cyber right now is the biggest risk for the financial services industry at large,” he said. “What we are certainly seeing is that the growing interdependence on technology has made us more and more vulnerable to cyberattacks that have systemic effects.”
 
While Herring said this is likely not an insurmountable problem for the insurance industry, it is a warning that insurers will need to remain vigilant.
 
“It is a challenging problem because this is an area where change happens rapidly,” he said.

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