The National Association of Insurance Commissioners (NAIC) said it has formed a special task force to help states coordinate efforts related to cyber security and insurance industry data and coverages.

NAIC said the task force will make 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.

The group will make recommendations to the NAIC Executive Committee.

“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 Adam Hamm, NAIC president and North Dakota insurance commissioner.

State regulators serve on the Treasury Department’s Financial Banking and Information Infrastructure Committee and on the Executive Branch and Independent Agency Regulatory Cybersecurity Forum, where they work with federal regulators to address cyber threats in the U.S.

Earlier this year, the NAIC hosted a forum on regulatory challenges as they relate to cyber security.

Topics Cyber Legislation