The National Association of Insurance Commissioners has created a cybersecurity task force that will evaluate potential risks to insurance customers’ data.

The task force will coordinate industry efforts regarding the protection of information housed in insurance departments and at the NAIC; the protection of consumer information collected by insurers; and the cyber liability market. The group will report and make recommendations to the executive committee.

 “We're hoping to propose additional guidance to insurance examiners to assure the nation's insurers are using the best risk management practices available to manage their risk of cyber loss,” said NAIC President and Montana Commissioner of Securities and Insurance Monica Lindeen. “In addition, we'll also consider collecting detailed information from insurers writing cyber security coverage for other businesses to learn more about how the nascent market is evolving.”

The task force is chaired by North Dakota insurance commissioner Adam Hamm, with South Carolina’s Raymond Farmer serving as vice chair.

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