NAIC ramps up cyber security gameplan

In the U.S., The National Association of Insurance Commissioners is making more of an effort when it comes to dealing with IT security issues.

The NAIC has recently composed guiding principles in cyber security. It is also developing updated reporting criteria for insurers in order for them to implement improved tracking of online insurance policies.

The NAIC’s task force for cyber security has just released a draft of a Consumer Cybersecurity Bill of Rights for public feedback. The intention of the bill is to provide standards for assisting customers should their personal data be compromised.

These standards are expected to be adopted within 30 days.

NAIC’s team is further working with state insurance regulators in order to carry out evaluations of insurance firms to confirm that they are implementing the right steps to maintain confidentiality of sensitive information, including personal data.

Insurance commissioner and NAIC president, Monica Lindeen, said:

“Ramping up our efforts in this critical area will help state insurance departments better address both the threat and responses to cyber breaches.

“Understanding what regulators, consumers and companies can do to craft best practices will help minimise the impact on insurance consumers and the insurance industry in the long-term.”

No matter what initiatives the government sets in motion, companies also need to make IT security jobs available to professionals who are capable of maintaining confidentiality and safety of personal data. This is the only way that these firms can ensure integrity of cyber security.