FOR IMMEDIATE RELEASE

NAIC, Stanford Host Joint Cybersecurity Forum
Association plans to advance model law in coming weeks

SANTA CLARA, Calif. (Oct. 11, 2017) —– The National Association of Insurance Commissioners (NAIC) and the Stanford Cyber Initiative today hosted a joint cybersecurity forum to provide insight into current cyber threats and the role insurance plays in mitigating risks.

The forum, held during National Cybersecurity Awareness Month, featured a keynote from Richard A. Clarke, former U.S. National Coordinator for Security, Infrastructure Protection and Counter-Terrorism. Clarke's address was accompanied by panels focusing on understanding cyber risks, the range of cyber threat scenarios and identifying potential gaps in cyber insurance coverage and risks.

"We're committed to better understanding the cyber landscape and the possible roles insurance plays in this area," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "This event gives us the opportunity to engage with some of the nation's leading scholars in cybersecurity to enhance our work in protecting consumers."

The NAIC will also hold a joint meeting of the Executive (EX) Committee and Plenary on Oct. 24 to consider adoption of the Insurance Data Security Model Law. The Innovation and Technology (EX) Task Force and Cybersecurity (EX) Working Group adopted the model law during the NAIC's Summer 2017 National Meeting.

"State regulators are dedicated to developing the necessary tools to ensure consumers are protected from data breaches," said NAIC Secretary-Treasurer and South Carolina Insurance Director Raymond G. Farmer, who chairs the Cybersecurity (EX) Working Group. "Recent events underline the importance of our agility in adapting to the evolving cyber landscape."

The NAIC urges consumers to safeguard their personal data and review financial statements. Insure U offers more tips and information on how consumers can protect themselves from data breaches and other technological intrusions. Consumers interested in insurance information specific to where they live should contact their state insurance commissioner.

Visit the Federal Bureau of Investigation's website for more information on National Cybersecurity Awareness Month.

 

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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