24 November 2014Law & regulation

NAIC forms cyber task force

The National Association of Insurance Commissioners (NAIC) has formed a special task force to help coordinate insurance issues related to cybersecurity.

The task force will make recommendations and coordinate NAIC efforts regarding: the protection of information housed in insurance departments and the NAIC; the protection of consumer information collected by insurers; and collecting information on cyber-liability policies being issued in the marketplace.

The group will report and make recommendations to the executive committee.

“The threat of a cyber-attack is very real, and state regulators are committed to developing the tools we need to ensure effective regulation in this area,” said Adam Hamm, NAIC president and North Dakota Insurance Commissioner. “The American public relies on insurance for financial peace of mind, and our leadership in this area is critical to maintaining that trust.”

The NAIC said the creation of the task force is a reflection of its growing commitment to addressing cyber security in the insurance sector.