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Thursday, July 30, 2015

NAIC Strengthens Cybersecurity Efforts

By ABIA Outside Counsel, McIntyre & Lemon, PLLC
The NAIC introduced guiding principles and new reporting requirements for insurers to keep account of cyber insurance policies issued in the marketplace, along with three initiatives aimed at educating the public about cyber risks.

According to a National Association of Insurance Commissioners (NAIC) Press Release, the NAIC has released a Consumer Cybersecurity Bill of Rights draft for public comment to guide consumers in the event that their personal information is compromised, and is expected to go into effect within the next 30 days.

In addition, the NAIC intends to conduct examinations to ensure that insurance companies are adequately protecting consumers’ confidential personal information and data. The association will also co-sponsor a forum on managing cyber risk in September in Washington, DC.

NAIC president, Monica Lindeen believes that their renewed efforts “will help minimize the impact on insurance consumers and the insurance industry in the long-term.”

Read press release.