The National Association of Insurance Commissioners (NAIC) is increasing its efforts to tackle cyber security issues.
Recently, the NAIC adopted guiding principles for cyber security and developing new reporting requirements for insurers to better track cyber insurance policies issued in the marketplace.
Three additional initiatives have been designed to help protect consumer information and educate the public about cyber risks.
The NAIC's cyber security task force released a Consumer Cybersecurity Bill of Rights draft this week for public comment. The bill of rights is intended to set standards for helping consumers if their personal information is compromised.
The task force expects to adopt these standards within the next 30 days.
The cyber security task force is also coordinating with state insurance regulators to conduct examinations of insurance companies to verify that companies are taking appropriate steps to protect sensitive data, including confidential personal information.
The NAIC is also co-sponsoring a forum, “Cyber Risk Management and Insurance”, with the Center for Strategic and International Studies (CSIS) in September in Washington DC.
Cyber experts, policymakers and business leaders will discuss cyber risks faced by American businesses and consumers, and how best to manage those risks.
Monica Lindeen, NAIC president and Montana insurance commissioner, commented: “Ramping up our efforts in this critical area will help state insurance departments better address both the threat and responses to cyber breaches.”
“Understanding what regulators, consumers and companies can do to craft best practices will help minimise the impact on insurance consumers and the insurance industry in the long-term.”
Adam Hamm, North Dakota insurance commissioner and cyber security task force chair, commented: “Since before the first major breach of an insurer, the NAIC has been at the forefront of cyber issues.”
“We will continue our work at the NAIC to protect consumers and support efforts to improve cyber security in the insurance sector.”
