The National Association of Insurance Commissioners (NAIC) is heightening cybersecurity activity, raising awareness and advancing a state model law on cybersecurity. During National Cybersecurity Awareness Month, NAIC leaders want to communicate the need for national consistency regarding data breach laws and regulations.
“State regulators are committed to developing tools to ensure effective regulation to protect consumers because we know the cyber risk landscape is changing quickly,” said John M. Huff, NAIC President and Missouri Insurance Director.
The NAIC is working toward developing an insurance data model law to establish standards for data security. This includes overseeing third-party service providers, establishing standards for investigating a data breach and providing requirements for notifying regulators and consumers. Creating the draft has been a public process with interested parties including industry and consumer representatives providing written and oral comments. The NAIC has already developed a Roadmap for Cybersecurity Consumer Protections and Principles for Effective Cybersecurity: Insurance Regulation Guidance.
“It is essential consumers have confidence in how regulators and insurers cooperate and respond to cybersecurity breaches,” said Adam Hamm, chair of the Cybersecurity (EX) Task Force and North Dakota Insurance Commissioner.
The NAIC urges consumers to safeguard their personal data and review personal financial statements. Insure U offers more tips and information on how consumers can protect themselves from data breaches and other technological intrusions. Consumers interested in insurance information specific to where they live can contact their state insurance commissioner.