The NationalAssociation of Insurance Commissioners (NAIC) is intensifyingits efforts to deal with cybersecurity issues that affect consumersand insurers.
|Following up on its adoption of Guiding Principles forCybersecurity this spring and developing new reporting requirementsfor insurers to better track cyber insurance policies issued in themarketplace, the NAIC is developing three additional initiativesdesigned to help protect consumer information and educate thepublic about cyber risks:
- The NAIC'sCybersecurity Task Force released a Consumer Cybersecurity Bill of Rights draft July 27 for publiccomment. The bill of rights is intended to set standards forhelping consumers if their personal information is compromised. TheTask Force expects to adopt these standards within the next 30days.
- The Cybersecurity Task Force also is coordinating with stateinsurance regulators to conduct examinations of insurance companiesto verify that companies are taking appropriate steps to protectsensitive data, including confidential personal information.
- The NAIC is co-sponsoring a forum with the Center for Strategicand International Studies (CSIS) on September 10 in Washington,D.C., titled "Cyber Risk Management and Insurance." At the forum,cyber experts, policymakers and business leaders will discuss cyberrisks faced by U.S. businesses and consumers and how best to managethose risks.
"Ramping up our efforts in this critical area will help stateinsurance departments better address both the threat and responsesto cyber breaches," said Monica J. Lindeen, NAIC President andMontana Insurance Commissioner. "Understanding what regulators,consumers and companies can do to craft best practices will helpminimize the impact on insurance consumers and the insuranceindustry in the long-term."
|[Related: Breaking down NAIC's new cyber security frameworkguidelines]
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
