Cyber could kill the insurance industry. That’s a bold statement to make, and North Dakota Insurance Commissioner Adam Hamm made it to Carrier Management during the Property/Casualty Insurance Joint Industry Forum in New York City on Jan. 12.
Hamm, also chair of the Cybersecurity Task Force of the National Association of Insurance Commissioners, explained four work streams completed by the task force in 2015. He explained the speed of the effort, noting that a major insurance company breach could leave Americans so wary of sharing information with any company in the insurance sector that “the only insurance they will buy is the insurance they have no choice but to buy—mandatory types of insurance.”
Click the video embedded in this story to see Hamm elaborate his argument in detail.