A 1239: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 1239 2025-2026 Regular Sessions  IN ASSEMBLY January 9, 2025 ___________ 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: 1 Section 1. Short title. This act shall be known and may be cited as 2 the "cyber ransom prevention act". 3 § 2. The insurance law is amended by adding a new section 3114 to read 4 as follows: 5 § 3114. Policies covering cyberattacks. Any insurance policy which 6 provides coverage for losses or damages suffered by a corporation or 7 business entity following a cyberattack shall require that the corpo- 8 ration or business entity shall notify a law enforcement agency of the 9 cyberattack before receiving payment for losses or damages suffered as a 10 result of such cyberattack. 11 § 3. This act shall take effect on the one hundred eightieth day after 12 it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02281-01-5