An Overview Of The IRDAI (Information And Cyber Security) Guidelines, 2023

INTRODUCTION

Insurance Regulatory and Development Authority of India ("IRDAI") came up with the first set of guidelines in 2017, which covered information and cybersecurity practices for insurers. These guidelines were designed to ensure that insurers have sufficient resources to manage any cyber threat to their systems, processes, and data. In 2022, the guidelines were extended to all insurance intermediaries, including brokers, corporate agents, web aggregators, third-party administrators (TPAs), insurance marketing firms (IMFs), insurance repositories, insurance self-network platforms (ISNP), corporate surveyors, motor insurance service providers (MISPs), common service centres (CSCs), and the Insurance Information Bureau of India (IIB). The revised guidelines were issued in response to the increased usage of digital technology and the corresponding increase in issues related to cybersecurity.