The National Association of Insurance Commissioners (NAIC) has created the Cybersecurity Task Force to monitor emerging cyber risks, their impact on the industry and whether regulatory action will be required.
“We're hoping to propose additional guidance to insurance examiners to assure the nation's insurers are using the best risk management practices available to manage their risk of cyber loss,” said NAIC president and Montana commissioner of securities and insurance, Monica Lindeen.
“In addition, we'll also consider collecting detailed information from insurers writing cyber security coverage for other businesses to learn more about how the nascent market is evolving.”
North Dakota insurance commissioner Adam Hamm will serve as chair of the new task force, while South Carolina Department of Insurance director Raymond Farmer will serve as vice chair.
The task force will coordinate NAIC efforts regarding: the protection of information housed in insurance departments and the NAIC; the protection of consumer information collected by insurers; and monitoring cyber-liability market.
The group will report and make recommendations to the NAIC’s Executive Committee.
