The National Association of Insurance Commissioners (“NAIC”) has formed a special task force to help coordinate insurance issues related to cybersecurity.

The NAIC said that its task force will make recommendations and coordinate NAIC efforts regarding the protection of information housed in insurance departments and the NAIC; the protection of consumer information collected by insurers; and the collection of information on cyber-liability policies being issued in the marketplace. The task force will report and make recommendations to the NAIC's executive committee.

“The threat of a cyber-attack is very real, and state regulators are committed to developing the tools we need to ensure effective regulation in this area,” said NAIC President and North Dakota Insurance Commissioner Adam Hamm. “The American public relies on insurance for financial peace of mind, and our leadership in this area is critical to maintaining that trust.”