'Skinny' Cyber Insurance Policies Create Compliance Path
Dark Reading
MARCH 8, 2023
It's getting hard to buy cyber insurance, but not having it is not always an option. Low-coverage plans could bridge the gap.
Two States Enact Insurance Data Security Laws
Hunton Privacy
MAY 4, 2022
In April 2022, two states enacted insurance data security legislation based on the National Association of Insurance Commissioners (“NAIC”) Insurance Data Security Model Law (MDL-668).
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NYDFS issues significant guidance on insurers using AI or external data
Data Protection Report
FEBRUARY 2, 2024
On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing. Actual Actuarial Validity.
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Security Compliance & Data Privacy Regulations
eSecurity Planet
AUGUST 9, 2022
Regulatory compliance and data privacy issues have long been an IT security nightmare. And since the EU’s General Data Protection Regulation (GDPR) took effect May 25, 2018, IT compliance issues have been at the forefront of corporate concerns. See the Top Governance, Risk and Compliance (GRC) Tools.
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Cyber-insurance – 72 hours for the insured party to file a criminal complaint: GDPR’s false friend
Data Protection Report
MARCH 21, 2023
2] In this context, the Directorate General of the French Treasury has put forward a plan of action with a view to clarifying the cyber-insurance legal framework, better gauging cyber-risks, and enhancing companies’ awareness as regards cyber-risks. 12-10-1 into the French Insurance code. However, in the end, Article L.12-10-1
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Top 8 Cyber Insurance Companies for 2022
eSecurity Planet
APRIL 22, 2022
That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks. That’s a 29.1%
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Vermont Enacts Insurance Data Security Law
Hunton Privacy
JUNE 9, 2022
515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”). to 500.23) and they submit a written statement to the Commissioner certifying such compliance. On May 27, 2022, Vermont Governor Phil Scott signed H.515
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Automated Security and Compliance Attracts Venture Investors
eSecurity Planet
FEBRUARY 14, 2023
It was also a drag on the sales cycle, and then there was the need for maintaining compliance. The vision was to automate security and compliance across 14 frameworks, including SOC 2, ISO 27001, HIPAA and GDPR. GRC Market Defies Downturn There are some powerful drivers for the compliance and security automation market.
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Examples of IBM assisting insurance companies in implementing generative AI-based solutions
IBM Big Data Hub
DECEMBER 4, 2023
IBM can help insurance companies insert generative AI into their business processes IBM is one of a few companies globally that can bring together the range of capabilities needed to completely transform the way insurance is marketed, sold, underwritten, serviced and paid for.
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NAIC Insurance Data Security Law Annual Certifications: Is Yours Due By February 15?
Data Matters
FEBRUARY 2, 2021
The National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law has been adopted in at least 11 states, with several others (including New York) having implemented either older or similar laws or administrative guidance. See State Legislative Brief, NAIC, June 2020.
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CIAM in insurance: A unified, secure user experience with a single login
Thales Cloud Protection & Licensing
MAY 26, 2023
CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. Adding value to the user experience (a top priority for 59% of insurers) 2.
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Checklist for Getting Cyber Insurance Coverage
Thales Cloud Protection & Licensing
MAY 10, 2022
Checklist for Getting Cyber Insurance Coverage. The necessity for cyber-insurance coverage. With cyber attacks amounting to a question of when and not if, cyber insurance becomes crucial for ensuring business continuity and mitigating the business impact of attacks – should they occur. Tue, 05/10/2022 - 05:43.
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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs
eSecurity Planet
MAY 27, 2021
The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. Insurers Assessing Risks.
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[Podcast] Transforming How Mortgage Insurance Applications Are Processed
AIIM
JUNE 23, 2020
Automation can help banks lower loan processing costs, shorten cycle times, unlock visibility, and lower compliance risk. mortgage firm fundamentally transform the way mortgage insurance applications are processed, eliminating paper in favor of a completely digital workflow. But, what does this digital transformation look like?
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Best Practices Q&A: Guidance about what directors need to hear from CISOs — from a board member
The Last Watchdog
APRIL 8, 2024
Related: The ‘cyber’ case for D&O insurance Vanessa Pegueros knows this all too well. If the CISO wants to drive better compliance, then they talk about how compliance is key to enabling sales and how the customers are demanding compliance to do business with the company.
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The Cost of Non-Compliance: Financial Implications of Inadequate Legal Holds
Gimmal
MARCH 12, 2024
In today’s litigious business climate, the specter of legal disputes looms large, and the effective management of legal holds has become a critical component of corporate compliance. This blog post delves into the financial implications of inadequate legal holds and underscores the importance of compliance.
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How Cybersecurity Insurance Can Work To Help An Organization
Thales Cloud Protection & Licensing
JULY 4, 2022
How Cybersecurity Insurance Can Work To Help An Organization. In the last 20+ years, cybersecurity insurance has added risk transference to the available palette of palliative choices. In the last 20+ years, cybersecurity insurance has added risk transference to the available palette of palliative choices. regulations.
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NYDFS Updates Its Cybersecurity Regulation to Protect Against Growing Cyber Threats
Hunton Privacy
NOVEMBER 8, 2023
The NYDFS, which regulates financial institutions including insurance companies, mortgage brokers and banks, adopted the original Cybersecurity Regulation in 2017. For certain other requirements, regulated entities will have between one and two years to reach compliance.
The business value of operating core insurance solutions on the cloud
IBM Big Data Hub
JUNE 23, 2023
Although interest rates have increased at an unprecedented rate over the past year due to efforts by central banks to curb inflation, insurers are locked into low-yielding investments, and it will take several years for their investment yields to improve. Core modernization (processes and technology) is a top priority for every insurer.
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The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why
Rocket Software
MARCH 14, 2022
Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries. Scanning paper documents is a manual, time consuming process with high labor and hardware costs.
Record Retention Policy for Businesses: A Strategic Guide to Compliance and Efficiency
Armstrong Archives
DECEMBER 19, 2023
Whether it’s maintaining regulatory compliance or simply making tax season easier, an effective record retention strategy is paramount. Regular training sessions ensure that new employees are informed and existing staff are reminded of their responsibilities, reducing the risk of non-compliance.
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Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law
Data Matters
JANUARY 14, 2019
On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. The Act is designed to “establish standards for data security and for the investigation and notification to the Superintendent of Insurance of a cybersecurity event.”. B). * * *.
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New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance
Data Matters
FEBRUARY 10, 2021
2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. According to NYDFS, the incorporation of these practices should be proportionate to each insurer’s size, resources, geographic distribution, and other factors. The Framework.
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Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law
Data Matters
FEBRUARY 11, 2019
On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. The Act defines licensees as persons authorized, registered, or licensed under Michigan insurance laws or required to be so. 6491 (Act). MCL § 500.550. MCL § 500.550.
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How to Find & Choose IT Outsourcing Services
eSecurity Planet
AUGUST 4, 2023
Even a robust IT or security department will find certain tasks or projects beyond their capabilities. In smaller companies, the issues become even more profound. But ignoring issues that you lack the time or expertise for can risk operational failure or security incidents. These unfiltered recommendations (good or bad) can be very valuable.
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Connecticut Tightens its Data Breach Notification Laws
Data Protection Report
OCTOBER 3, 2021
The amendment: Expands the definition of “personal information”; Shortens the notification deadline after discovery of a breach from 90 to 60 days; Removes the requirement to consult with law enforcement as part of a risk assessment; Deems compliant any person subject to and in compliance with HIPAA and HITECH; and. 1] [link]. [2]
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Written IT Security Policies: Why You Need Them & How to Create Them
eSecurity Planet
MARCH 18, 2022
In this article, we’ll briefly touch on what policies are; tips for writing them; and the advantages policies provide for compliance, transitions, and IT team liability. Policies can cover multiple technologies, but should be labeled clearly for internal and compliance auditor reference. Written Policies vs. Implemented IT Policies.
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123 South Carolina Becomes the First State to Enact the National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law
Data Matters
JULY 30, 2018
In October 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. On May 3, 2018, South Carolina became the first state to enact this Model Law, in the form of the South Carolina Insurance Data Security Act (H.B. See CT Gen Stat § 38a-999b (2015) ; 23 NYCRR 500.
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New Hampshire Governor Signs Insurance Data Security Law
Hunton Privacy
AUGUST 6, 2019
On August 2, 2019, New Hampshire Governor Chris Sununu signed into law SB 194 (the “Bill”), which requires insurers licensed in the state (“licensees”) to put in place data security programs and report cybersecurity events. The state insurance commissioner may take “necessary or appropriate” action to enforce the new law.
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81 How to make sure your cyber insurance policy pays out
IT Governance
JULY 15, 2019
Cyber insurance is big business these days. Damages incurred by information security incidents generally aren’t covered in commercial insurance policies, so a specific policy is necessary to help cover the costs of things like forensic investigation, incident response and notification procedures. Document an incident response plan.
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MY TAKE: Coping with security risks, compliance issues spun up by ‘digital transformation’
The Last Watchdog
AUGUST 22, 2019
On one hand, threat actors have already begun exploiting fresh attack vectors, borne of this rising complexity, and, on the other, government authorities and industry standards bodies are insisting on compliance with increasingly cumbersome data-handling security rules. A certain number of them get discussed in cybersecurity circles.
Identifying E-signature Requirements to Accelerate Digital Adoption and Meet Global Compliance
AIIM
OCTOBER 15, 2018
In a recent AIIM webinar, Craig Le Clair, Forrester VP and Principle Analyst, and Florian Vondal, Allianz Solution Architect, took a closer look at the “esign of the times” and what must be considered when attempting to accelerate e-signature adoption enterprise-wide and meet global compliance. Millennials or Generation X).
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How insurers drive success in the digital transformation race with modern data management
Reltio
JUNE 9, 2022
The insurance industry is facing unprecedented disruption. Insurance carriers have been called to transform customer experience, business offerings, and operations. As an insurer, your current business models are being challenged by new thinking, new competitors, and new ways of working.
OCR 2020 Settlements Target HIPAA Security Rule Non-Compliance
Data Matters
AUGUST 27, 2020
Department of Health and Human Services, Office for Civil Rights (“OCR”) has settled three cases related to alleged violations of the Health Insurance Portability and Accountability Act (“HIPAA”), totaling $1,165,000. The post OCR 2020 Settlements Target HIPAA Security Rule Non-Compliance appeared first on Data Matters Privacy Blog.
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A guide to the GDPR for insurance companies
IT Governance
MAY 30, 2018
The EU General Data Protection Regulation (GDPR) is designed to harmonise data protection laws across the EU, but certain industries will have to respond differently in order to achieve compliance. A report published by research and consultancy company Celent highlights the challenges that the GDPR presents to insurers.
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Dutch Supervisory Authority Investigates GDPR Compliance in the Healthcare Sector
Data Matters
AUGUST 23, 2018
On 21 August 2018, the Dutch Supervisor Authority announced that it had conducted an investigation into the designation of a Data Protection Officer (DPO) under the General Data Protection Regulation (GDPR) by 91 hospitals and 33 healthcare insurers in the Netherlands. They will also be expected to implement the necessary compliance measures.
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New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting
Data Matters
FEBRUARY 20, 2019
On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. Unlawful Discrimination.
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NYDFS Imposes Fine of $5 Million on Carnival for Cybersecurity Breaches
Hunton Privacy
JULY 1, 2022
Since Carnival was licensed by the Department to sell insurance in NY State, it was treated as a covered entity under the Cybersecurity Regulation. Although Carnival had certified compliance with the Cybersecurity Regulation at the time of the incidents, NYDFS found that Carnival’s attestation of compliance was improper.
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Predictive data quality + adaptive data governance = robust compliance by design
Collibra
JANUARY 14, 2022
When GDPR (General Data Protection Regulation) came into effect in 2016, organizations took time to understand and plan their compliance efforts. With huge fines up to 4% of a company’s annual turnover looming large for non-compliance, companies have been turning to automated solutions for compliance.
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What is progressive profiling and how can it benefit your business?
Thales Cloud Protection & Licensing
JULY 3, 2023
Regardless of the business you run, whether it’s in retail, insurance, or healthcare, you’re likely to rely on user data to deliver the personalised experiences that individuals demand. Capturing customer insights in this way provides always-on compliance and enables companies to build rich, unique customer profiles.
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Top 10 Governance, Risk and Compliance (GRC) Vendors
eSecurity Planet
JANUARY 21, 2021
Governance, risk, and compliance (GRC) software helps businesses manage all of the necessary documentation and processes for ensuring maximum productivity and preparedness. It includes multi-disciplinary risk and compliance management solutions and tools, including: IT & security risk management. Compliance management.
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Using Information Governance with a Privacy Compliance Plan as the Fulcrum for Data Privacy and Continuous Compliance
Information Governance Perspectives
MAY 10, 2020
In May of 2020 I was honored to speak at the MERv conference with John Frost of Box on the topic of Using Information Governance with a Privacy Compliance Plan as the Fulcrum for Data Privacy and Continuous Compliance. Privacy makes data governance ethical and tangible, and compliance leaders understand that.
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First American Financial Pays Farcical $500K Fine
Krebs on Security
JUNE 18, 2021
The SEC says First American derives nearly 92 percent of its revenue from its title insurance segment, earning $7.1 Title insurance protects homebuyers from the prospect of someone contesting their legitimacy as the new homeowner. Title insurance is not mandated by law, but most lenders require it as part of any mortgage transaction.
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What Is Integrated Risk Management? Definition & Implementation
eSecurity Planet
APRIL 29, 2024
Risk then prioritizes security controls with the goal to deliver truly effective security as opposed to checkbox compliance. Governance, risk, and compliance (GRC): Tracks data risks in a daily regulatory context with less attention paid to technologies, strategies, and business goals. What Is an Integrated Risk Management Framework?
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