ABA Suggests Changes to Proposed Cyber Standards for Insurance

The American Bankers Association yesterday advocated for changes to the National Association of Insurance Commissioners’ latest draft of the insurance data security model law, which would establish data security and data breach notification standards for insurers and insurance agencies.

ABA requested that the association add language to the draft stating that bank-affiliated insurance agencies already operating under the bank’s information security program should be able to rely on the bank’s program to satisfy the model law’s requirement to develop and implement such a program. The association also supported a number of smaller changes made since the previous draft of the model law, including those regarding notification requirements after a data breach has been identified. For more information, contact ABA’s Sarah Ferman.

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