15 September 2015Actuarial & underwriting

NAIC discusses cyber security at forum

Members of the National Association of Insurance Commissioners (NAIC) discussed cyber security issues at a recent forum.

The forum, Managing Cyber Risk and the Role of Insurance, focused on the management and mitigation of cyber risk, as well as unique considerations for insurance companies and consumers.

Sarah Bloom Raskin, deputy secretary for the US Department of the Treasury, keynoted the forum and more than 30 regulators from state insurance departments across the country attended.

Speakers included: Monica Lindeen, NAIC president and Montana Insurance Commissioner; Adam Hamm, NAIC past president, North Dakota Insurance Commissioner; and Senator Ben Nelson, NAIC chief executive officer.

Lindeen said: “The evolving threat of cyber attacks and insurer data breaches is persistent, and forums like this one give our members insight to better guide our policymaking as we respond to threats and breaches of the companies we regulate.

“We take seriously our responsibility to do everything we can to protect policyholder information from malicious use.”

More than 300 individuals attended the symposium hosted by Center for Strategic and International Studies (CSIS).

“The challenge for cyber risk management for insurers goes well beyond that of other businesses,” said Hamm. “Today's criminals target insurers because they keep personal, financial and health information.”

Nelson added: “State regulators identified the threat to our sector early, and have worked continuously through the NAIC to develop the tools and resources state insurance departments need to protect consumers.”