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The National Association of Insurance Commissioners adopted the Insurance Data Security Model Law during a joint meeting of the Executive Committee and Plenary on Tuesday.
The model law creates rules for insurers, agents and other licensed entities covering data security, investigation and notification of breach, including maintaining an information security program based on ongoing risk assessment, overseeing third-party service providers, investigating data breaches and notifying regulators of a cyber security event, according to a statement issued by the association on Tuesday.
"Considering the recent series of data breaches, cyber security is more important now than ever," Ted Nickel, NAIC president and Wisconsin insurance commissioner, said in the statement. "Regulators have a critical role to play in protecting consumers as the cyber landscape continues to evolve and this model law sets cyber security customs for insurers to help safeguard consumers."
The model law progressed through the NAIC Innovation and Technology Task Force and the Cybersecurity Working Group during the NAIC's Summer 2017 National Meeting. It closely follows New York’s cyber security regulation, which took effect in March.
(Reuters) — Britain's markets watchdog said it has opened an investigation into the hacking of U.S. credit reporting agency Equifax, which affected nearly 700,000 UK citizens.