Tag: cyber risk

Emerging Issues / Industry News

NAIC and CSIS Host Cyber Risk Conference

This post first appeared on Goldberg Segalla’s Data Privacy & Security blog.

On September 10, 2015, the National Association of Insurance Commissioners (NAIC) and the Center for Strategic and International Studies (CSIS) hosted a conference entitled “Managing Cyber Risk and the Role of Insurance.” Over three hundred individuals attended, including more than 30 insurance regulators, senior representatives from the U.S. Departments of Treasury and Homeland Security, and representatives from the private sector.

The primary focus of the conference was to explore how the …

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Regulatory

NAIC Adopts Cybersecurity Regulatory Guidance

On Thursday, April 16, 2015, the Cybersecurity Task Force of the National Association of Insurance Commissioners (NAIC) adopted the “Principles for Effective Cybersecurity Insurance Regulatory Guidance.” Monica J. Lindeen, the NAIC President and Montana Commissioner of Securities and Insurance noted that these 12 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.”

The press release announcing the adoption notes:

The document identifies types of …

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Emerging Issues

New York Addresses Cyber Security Concerns with Insurers

Governor Andrew M. Cuomo launched an inquiry into the steps that insurers are taking to keep their customers and companies safe from cyber attacks citing the public entrustment of a wide variety of sensitive health, personal, and financial records to insurers and the critical importance of making sure that information is safeguarded.

The New York State Department of Financial Services (DFS) sent “308 Letters” requiring a response to the largest insurance companies that DFS regulates, requesting information on the policies and procedures they have in …

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