NAIC adopts cybersecurity principles

The cybersecurity task force of the National Association of Insurance Commissioners (NAIC) has adopted a new set of cybersecurity principles.

The twelve principles identify the types of safeguards regulators expect insurers to have in place to protect consumers from cybersecurity breaches.

According to the NAIC, the principles direct insurers, producers, and other regulated entities to “join forces in identifying risks and adopting practical solutions to protect information entrusted to them”.

“These principles will serve as the foundation for protection of sensitive consumer information held by insurers as well as insurance producers and guide regulators who oversee the insurance industry,” said Monica Lindeen, NAIC president and Montana Commissioner of Securities and Insurance.