NAIC’s model to improve cyber risk management
Tuesday, 09 05 2017, Category: Insurance and Reinsurance, Country: United States
Fitch Ratings expects the National Association of Insurance Commissioner’s (NAIC) recently approved Insurance Data Security Model Law to drive more rigorous cyber risk management in the U.S. insurance sector, but does warn of the potential for increased compliance costs.
The NAIC has sought to establish industry standards for data security that will apply to insurers, brokers, and agents. Under the new framework, companies will have to have a written information security program that protects sensitive data, which also includes incident response and data recovery plans.