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NY A08463

Bill

Official Source

Status

Introduced

12/29/2023

Primary Sponsor

Alex Bores

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Requires all insurance policies covering cyberattack losses or damages for corporations and business entities to mandate law enforcement notification before payment
  • Insured parties must notify a law enforcement agency of the cyberattack as a condition of receiving insurance coverage benefits
  • Creates new section 3114 in New York Insurance Law to establish this requirement
  • Takes effect 180 days after becoming law
  • Known as the "Cyber Ransom Prevention Act"

Legislative Description

Requires policies covering losses or damages from cyberattacks to include a requirement that the insured notify a law enforcement agency before receiving payment for losses or damages suffered as a result of the cyberattack.

Last Action

referred to insurance

1/3/2024

Committee Referrals

Insurance12/29/2023

Full Bill Text

No bill text available