The National Association of Insurance Commissioners (NAIC) continues its focus on cyber security. Following up on its adoption of 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 moving forward with three additional initiatives designed to help protect consumer information and educate the public about cyber risks.
The three NAIC initiatives are:
- The NAIC’s Cybersecurity 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 Cybersecurity Task Force is also coordinating with state insurance regulators to conduct examinations of insurance companies to verify 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.
“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.”