From: Insurance Networking News | Slide Show Gallery
The National Association of Insurance Commissioners has announced its Principles for Effective Cybersecurity Insurance Regulatory Guidance, which direct insurers, producers, and other players in the insurance ecosystem to to join forces in identifying risks and adopting practical solutions to protect consumers’ sensitive information.
The twelve 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.
State insurance regulators have a responsibility to ensure that personally identifiable consumer information held by insurers, producers and other regulated entities is protected from cybersecurity risks. Additionally, state insurance regulators should mandate that these entities have systems in place to alert consumers in a timely manner in the event of a cybersecurity breach. State insurance regulators should collaborate with insurers, insurance producers and the federal government to achieve a consistent, coordinated approach.
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