Members of the National Association of Insurance Commissioners (NAIC) joined treasury deputy secretary Sarah Bloom Raskin and security experts to discuss cyber security issues affecting insurance consumers and markets at the Managing Cyber Risk and the Role the Insurance forum.
The forum, hosted by the Center for Strategic and International Studies (CSIS), included a keynote address by Raskin, a panel on the cyber threat landscape and a second panel on financial sector cyber risk management.
NAIC president and Montana insurance commissioner Monica Lindeen, commented: “The evolving threat of cyber attacks and insurer data breaches is persistent, and forums like this one give our members insight to better guide our policymaking as we respond to threats and breaches of the companies we regulate.”
“We take seriously our responsibility to do everything we can to protect policyholder information from malicious use.”
Panellist Adam Hamm, North Dakota insurance commissioner and NAIC cyber security task force chair, added: “The challenge for cyber risk management for insurers goes well beyond that of other businesses.”
“Today's criminals target insurers because they keep personal, financial and health information.”
Ben Nelson, NAIC CEO senator, added: “State regulators identified the threat to our sector early, and have worked continuously through the NAIC to develop the tools and resources state insurance departments need to protect consumers.”
