A Wise Move By The Insurance Industry

In response to the boom in security breaches worldwide, the National Association of Insurance Commissioners (NAIC) has recently formed a special task force to help coordinate insurance issues in regards to the nation’s cybersecurity. The group is responsible for developing strategies in regards to the protection of information housed in both the NAIC and insurance companies, the protection of consumer information collected by insurance companies, and the collection of information on cyber-liability policies, in which they will then report and make recommendations to the Executive Committee based on their findings. “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. The American public relies on insurance for financial peace of mind, and our leadership in this area is critical to maintaining that trust,” says Adam Hamm, NAIC President and North Dakota Insurance Commissioner. The NAIC, comprised of state regulators serving on the Treasury Department’s Financial Banking and Information Infrastructure Committee and on the Executive Branch and Independent Agency Regulatory Cybersecurity Forum, along with Federal regulators are joining efforts to address cyber-threats all over the U.S. Showing no indication of slowing down any time soon, the development of the special task force is essential now, more than ever before, when it comes to ensuring complete protection. To keep your information better protected, contact Taino Consulting Group.