Firewall’s Up: South Carolina Passes First-of-its-Kind Insurance Data Security Act

South Carolina recently became the first state to pass legislation modeled closely on the Insurance Data Security Model Law that was approved by the National Association of Insurance Commissioners (NAIC) last October. Amid the rising incidence of cyberattacks, cyber security is a key issue facing the insurance sector. South Carolina has taken a proactive step in protecting their business and customers from possible data breaches. The South Carolina Department of Insurance (SCDOI) Data Security Act, signed by the Governor on May 3, 2018, will become…
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NAIC and CSIS Host Cyber Risk Conference

On September 10, 2015, the National Association of Insurance Commissioners (NAIC) and the Center for Strategic and International Studies (CSIS) hosted a conference entitled “Managing Cyber Risk and the Role of Insurance.” Over 300 individuals attended, including more than 30 insurance regulators, senior representatives from the U.S. Departments of Treasury and Homeland Security, and representatives from the private sector. The primary focus of the conference was to explore how the insurance industry can assist in mitigating the damages that result from a cyber…
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NY Dept. of Financial Services Requests Detailed Cyber Security Reports From Insurers

Cyber security is clearly one of the highest priorities — if not the top concern — for regulators in 2015. Late last month, the New York Department of Financial Services (DFS) sent more than 160 licensed insurers a New York Insurance Law Section 308 Letter seeking a detailed report regarding their cyber security practices and procedures. The Section 308 Letter — to which there is now less than three weeks to respond — also provides greater insight into the scope of cyber security examinations that…
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