Addressing cyber security risks requires increasing amounts of a company's resources. The explosion of different groups trying to disrupt operations or steal information from organizations has made addressing these threats mandatory not optional. While cyber security issues affect many industries, the insurance industry is particularly susceptible to being targeted. Although the insurance industry is already highly-regulated, cyber threats add another layer of potential risk and oversight that can be just as important as the financial and market regulation already in place.
Insurance company breach will result in regulatory action
Presently, there is no single regulatory agency or clearinghouse for establishing cyber threat standards. This makes pre-planning a response to a data breach critical. The present landscape of different state and federal agencies, all with interest in any insurance company experiencing a data breach, makes it highly likely that a breach will result in regulatory action.
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