FOR IMMEDIATE RELEASE
NAIC CYBERSECURITY TASK FORCE ADOPTS
WASHINGTON, D.C. (April 17, 2015) —The Cybersecurity (EX) Task Force of the National Association of Insurance Commissioners (NAIC) adopted the Principles for Effective Cybersecurity Insurance Regulatory Guidance on Thursday, April 16.
Cybersecurity risks have become more significant as critical consumer financial and health information is increasingly stored in electronic form. Recent high-profile data breaches have led regulators to work toward strengthening insurer defenses against attacks. Consumers have a right to expect that personal financial and health information entrusted to insurers and health care providers is secure.
“These principles will serve as the foundation for protection of sensitive consumer information held by insurers as well as insurance producers and guide regulators who oversee the insurance industry,” said Monica J. Lindeen, NAIC President and Montana Commissioner of Securities and Insurance.
The document identifies types of safeguards regulators expect insurers to have in place to protect consumers from cybersecurity breaches. The twelve principles adopted direct insurers, producers, and other regulated entities to join forces in identifying risks and adopting practical solutions to protect information entrusted to them. The guiding principles are intended to establish insurance regulatory guidance that promotes coordination and protects insurance consumers.
To view the guiding principles document, click HERE.