On April 16th the National Association of Insurance Commissioners released Cybersecurity Guidelines for the insurance industry as a result of the ever-increasing cybersecurity issues. The guidelines are in the form of 12 principals, intended to establish insurance regulatory guidance.

The guiding principles identify the industry’s responsibility to secure the personally identifiable information of its customers and recommend an organizational approach to Cybersecurity. In addition, imploring insurance regulators to “mandate” carriers, agents and brokers to have systems in place to alert consumers in a timely manner following a breach and to require minimum standards for security.

The NAIC document, Principles for Effective Cybersecurity, lists each of the principles.

Cyber breaches have become more significant as critical information is increasingly being stored in electronic forms. For many, insurance agents often overlook their own exposure to Cyber Liability and Data Breach Liability and fail to fully comprehend the consequences a breach could have to their organization.

For more Cyber Liability resources please visit www.newempiregroup.com.

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