Attorney General James emphasized that "data breaches can lead to serious fraud, and that is why it is important for all companies to take cybersecurity and data protection seriously." This statement underscores the seriousness of data security failures and their potential consequences for consumers and businesses alike.
The investigation revealed that GEICO and Travelers failed to implement adequate data security controls, highlighting that they were not compliant with the cybersecurity regulation that necessitates strict data protection measures.
The penalties imposed include $9.75 million from GEICO and $1.55 million from Travelers, reinforcing the accountability of insurance companies in safeguarding consumer data against breaches.
"DFS's groundbreaking cybersecurity regulation establishes a vital foundation for ensuring that companies remain diligent in protecting the vast amount of sensitive information they handle," stated Supervisor Harris, emphasizing the need for robust data security protocols.
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