Assembly Bill A8463

2023-2024 Legislative Session

Requires policies covering losses or damages from cyberattacks to include a requirement that the insured notify a law enforcement agency

download bill text pdf

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Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A8463 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §3114, Ins L

2023-A8463 (ACTIVE) - Summary

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.

2023-A8463 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8463
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 29, 2023
                                ___________
 
 Introduced  by M. of A. BORES -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in  relation  to  requiring  policies
   covering  losses or damages from cyberattacks to include a requirement
   that the insured notify a law enforcement  agency  within  seventy-two
   hours of discovery of the cyberattack

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Short title. This act shall be known and may be  cited  as
 the "cyber ransom prevention act".
   § 2. The insurance law is amended by adding a new section 3114 to read
 as follows:
   §  3114.  POLICIES  COVERING  CYBERATTACKS. ANY INSURANCE POLICY WHICH
 PROVIDES COVERAGE FOR LOSSES OR DAMAGES SUFFERED  BY  A  CORPORATION  OR
 BUSINESS  ENTITY  FOLLOWING  A CYBERATTACK SHALL REQUIRE THAT THE CORPO-
 RATION OR BUSINESS ENTITY SHALL NOTIFY A LAW ENFORCEMENT AGENCY  OF  THE
 CYBERATTACK BEFORE RECEIVING PAYMENT FOR LOSSES OR DAMAGES SUFFERED AS A
 RESULT OF SUCH CYBERATTACK.
   § 3. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11860-03-3

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