NAIC & Stanford Cyber Initiative
A thought-provoking educational forum presented by Stanford University and the NAIC.
October 10-11, 2017
The White House's "Commission for Enhancing National Cybersecurity" has issued a request for information to inform its recommendations to the President on how to strengthen cyber security in both the public and private sectors.
Read the NAIC's Comment Letter
CONSUMER ALERT: Cybersecurity Risk Management
Lock down your assets, secure your data
We increasingly rely on the Internet to work, bank, shop and socialize. Our health and financial information is stored online and devices are connected to control everything from home security systems to thermostats and TVs. While convenient, these connections open the door for possible malicious activity. Help manage your cybersecurity risks with these tips from the NAIC.
North Dakota Insurance Commissioner Adam Hamm testified before Congress today on known and emerging issues impacting cybersecurity in the insurance sector. Testifying on behalf of the NAIC, Hamm, who chairs the NAIC Cybersecurity Task Force, spoke about the importance of keeping consumer data protected as well as the development of a strong cyber insurance market.
"When it comes to regulation, cybersecurity policies are scrutinized just as closely as other insurance products," Hamm said in his testimony. "We take very seriously our responsibility to ensure the entities we regulate are both adequately protecting customer data and properly underwriting the products they sell."
Insurance Regulators Participate in Cyber Forum
The NAIC participated in the Center for Strategic and International Studies (CSIS) forum, Managing Cyber Risk and the Role of Insurance on Thursday, Sept. 10. The forum focused on management and mitigation of cyber risk, as well as unique considerations for insurance companies and consumers.
Sarah Bloom Raskin, Deputy Secretary for the U.S. Department of the Treasury, keynoted the forum. Speakers included: Monica J. Lindeen, NAIC President and Montana Insurance Commissioner; Adam Hamm, NAIC Past President, North Dakota Insurance Commissioner; and Senator Ben Nelson, NAIC CEO. Other stakeholders, including senior policymakers, security experts and industry executives also participated. More than 30 regulators from state insurance departments across the country attended.
7/1/2015 – Statements on NAIC Blanks (E) Committee Working Group’s Adoption of Cybersecurity and Identity Theft Coverage Supplement
|Statement from Monica J. Lindeen, NAIC President and Montana Commissioner of Securities and Insurance
"Cyberinsurance is an emerging sector, and regulators are positioned to help shape the market in a way that protects consumers and benefits companies. This supplement is an important tool that will enable regulators to effectively monitor solvency for companies writing this relatively new line of business."
Statement from Adam Hamm, North Dakota Insurance Commissioner and chair of the NAIC’s Cybersecurity (EX) Task Force
"The supplement will provide critical financial performance information about insurers writing cybersecurity coverage for American businesses. The potential scope of possible data breaches and business opportunities means that regulators and companies must work together to ensure that state insurance departments have the information they need to monitor this new market."
The Cybersecurity (EX) Task Force of the National Association of Insurance Commissioners (NAIC) adopted the Principles for Effective Cybersecurity Insurance Regulatory Guidance on Thursday, April 16.
“These principles will serve as the foundation for protection of sensitive consumer information held by insurers as well as insurance producers and guide regulators who oversee the insurance industry,” said Monica J. Lindeen, NAIC President and Montana Commissioner of Securities and Insurance.