The National Association of Insurance Commissioners (“NAIC”) is moving forward with three additional initiatives designed to help protect consumer information and educate the public about cyber risks. This follows its adoption of Guiding Principles for Cybersecurity this Spring and developing reporting requirements for insurers to track cyber insurance policies issued in the marketplace.
The three new NAIC initiatives are:
- The NAIC's Cybersecurity Task Force has released a Consumer Cybersecurity Bill of Rights for public comment. The NAIC said that the bill of rights was intended to set standards for helping consumers if their personal information is compromised. The NAIC said that the task force expected to adopt these standards within the next 30 days;
- The NAIC also said that the Cybersecurity Task Force is coordinating with state insurance regulators to conduct examinations of insurance companies to verify companies are taking appropriate steps to protect sensitive data, including confidential personal information; and
- The NAIC is co-sponsoring a forum with the Center for Strategic and International Studies (“CSIS”) on September 10 in Washington, D.C., entitled “Cyber Risk Management and Insurance.” Cyber experts, policymakers, and business leaders will discuss cyber risks faced by American businesses and consumers, and how best to manage those risks.
“Ramping up our efforts in this critical area will help state insurance departments better address both the threat and responses to cyber breaches,” said Monica J. Lindeen, the president of the NAIC and Montana's insurance commissioner. “Understanding what regulators, consumers, and companies can do to craft best practices will help minimize the impact on insurance consumers and the insurance industry in the long term.”
“Since before the first major breach of an insurer, the NAIC has been at the forefront of cyber issues,” said, North Dakota Insurance Commissioner Adam Hamm, who serves as chair of the Cybersecurity Task Force. “We will continue our work at the NAIC to protect consumers and support efforts to improve cybersecurity in the insurance sector.”