The National Association of Insurance Commissioners (NAIC) is intensifying its efforts to deal with cybersecurity issues that affect consumers and insurers.
Following up on its adoption of Guiding Principles for Cybersecurity this spring and developing new reporting requirements for insurers to better track cyber insurance policies issued in the marketplace, the NAIC is developing three additional initiatives designed to help protect consumer information and educate the public about cyber risks:
- The NAIC’s Cybersecurity Task Force released a Consumer Cybersecurity Bill of Rights draft July 27 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 Cybersecurity Task Force also is 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 co-sponsoring a forum with the Center for Strategic and 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 cyber risks faced by U.S. businesses and consumers and how best to manage those risks.
“Ramping up our efforts in this critical area will help state insurance departments better address both the threat and responses to cyber breaches,” said Monica J. Lindeen, NAIC President and Montana Insurance Commissioner. “Understanding what regulators, consumers and companies can do to craft best practices will help minimize the impact on insurance consumers and the insurance industry in the long-term.”