NAIC Creates Cybersecurity Task Force

By Arthur D. Postal
InsuranceNewsNet

WASHINGTON – The National Association of Insurance Commissioners (NAIC) has created a special task force to help coordinate insurance issues related to cybersecurity.

The decision was announced during the group’s fall meeting.

Although no breaches of insurance information have come to light, banks and retail chains have recently suffered a number of security breaches. Congress is debating a number of bills addressing the problem in this session, but none has passed either house of Congress.

The task force will make recommendations and coordinate NAIC efforts regarding the protection of information housed in insurance departments and the NAIC; the protection of consumer information collected by insurers; and collecting information on cyberliability policies being issued in the marketplace. The group will report and make recommendations to the NAIC’s Executive Committee.

“The threat of a cyber-attack is very real, and state regulators are committed to developing the tools we need to ensure effective regulation in this area,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner. “The American public relies on insurance for financial peace of mind, and our leadership in this area is critical to maintaining that trust.”

Arthur D. Postal has covered regulatory and legislative issues for more than 30 years in Washington, D.C. He can be reached at [email protected].