Search
 
Commentary

Cyber security: Insurance industry challenges and opportunities

Those in the insurance industry who are not proactively managing the threat of cyber incursion are likely to suffer severe adverse consequences.

By James Woods | Updated on May 11, 2015

The National Association of Insurance Commissioners‘ (NAIC) “Principles for Effective Cyber Security Insurance Regulatory Guidance” adopted on April 16, 2015, by the Cyber Security Task Force highlight an industry under cyberattack.

The Anthem and Premera breaches, which exposed personally identifiable information of nearly 100 million people and the likelihood (perhaps certainty) of additional attacks on the industry, highlight the fact that: Those in the insurance industry who are not proactively managing the threat of cyber incursion are likely to suffer severe adverse consequences. Indeed, Anthem is suffering over 50 class action lawsuits and intense regulatory and law enforcement scrutiny.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.