Cyber coverage seen as loophole in proposed NY ransomware bill

Cyber insurance coverage is seen as a loophole in a proposed New York bill that bans municipalities from paying ransomware demands. Senate Bill S7246 (SB S7246) was introduced earlier this month in the New York State Senate in response to a wave of ransomware attacks that have hit Riviera Beach and Lake City in Florida, New Bedford in Massachusetts, and Atlanta in Georgia. The bill was introduced by state senators Phil Boyle, George Borrello, and Sue Serino with the goal of funding necessary upgrades to a city or municipality’s cyber defences and thereby mitigating the incentive for ransomware operators to target them – at the cost of preventing local governments from paying ransomware demands.