IREG Update - The NAIC Takes On Cybersecurity

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The NAIC takes on cybersecurity

The subject of cybersecurity risks, which the National Association of Insurance Commissioners' Chief Security and Information Officer Frosty Mohn presented at NAIC's Insurance Summit in Kansas City, MO last week, has taken on greater significance as consumer financial and health information is increasingly being stored in electronic form. Cyber risks include identity theft or inadvertent disclosure; theft of digital assets, such as customer lists and trade secrets; business interruption from a network shutdown; introduction of malware; and damage to a business's reputation. In response to these relatively new risks, insurance regulators have begun urging businesses to secure cyber-liability insurance and pressing insureds to shore up their defenses against cyber attacks.