Even your grandmother is talking about cybersecurity, so you know it’s got to be important. In the world of insurance, the wheels are in motion at the NAIC – the National Association of Insurance Commissioners – to get a better handle on cybersecurity risks. In November 2014, the NAIC formed the Cybersecurity (EX) Task Force to monitor emerging cyber risks and their impact on the insurance industry, determine whether any regulatory action may be required, and generally coordinate issues related to insurance and cybersecurity.
This is the NAIC’s key initiative for 2015, and one of their expressed goals is to propose additional guidance to insurance examiners reviewing insurance companies’ practices for cybersecurity risks. To that end, the NAIC is considering collecting information from insurers writing cybersecurity coverage to learn more about this new and quickly evolving market.