Insurance commissioners group's task force to target cyber security

WASHINGTON — The National Association of Insurance Commissioners has created a task force to help coordinate insurance issues related to cybersecurity, the NAIC announced during its fall meeting in Washington on Wednesday.

“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,” said the NAIC in a statement announcing the formation of the group.

“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 NAIC President Adam Hamm, who also serves as North Dakota insurance commissioner, in the statement. “The American public relies on insurance for financial peace of mind, and our leadership in this area is critical to maintaining that trust.”