Insurance Regulators Adopt Cybersecurity Rules
The growing risk of cyber attacks has prompted the National Association of Insurance Commissioners (“NAIC”) to adopt new “Cybersecurity Guiding Principles.” The principles are intended to protect consumers by providing the insurance industry with guidelines for protecting client information and identifying risks to data.
The update comes after recent cyber attacks on Anthem Blue Cross Blue Shield and Premera Blue Cross that resulted in the dissemination of private data. According to Premera Blue Cross, a recent cyber attack resulted in the breach of up to 11 million customer records, which included credit card and social security numbers, and even some medical records. Anthem’s security breach in February of this year involved approximately 80 million customers. The guidelines were created by the NAIC in an effort to address this serious and increasing problem and to “modernize” the U.S. system of state-based insurance regulation, according to John M. Huff, President of the NAIC. According to the NAIC, it is “vital” that state regulators provide “effective cybersecurity
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First and foremost, the NAIC states that regulators should mandate that insurers have systems in place to alert clients in a timely manner in the event of a breach of secure data and that all private information that is collected and stored should be properly safeguarded. It further provides that planning for an incident response by insurers, insurance producers, and other regulated entities is essential to an effective cybersecurity program. An effective cybersecurity program will include internal audits that identify material risks and address those, as well as information sharing regarding threats and vulnerabilities. Last of all, the NAIC recommends that employees of insurers and insurance producers undergo periodic training and assessment on cybersecurity
. The goal for this training is to equip employees with knowledge and skills that need positive change and eliminate the cycle of network security ignorance. Employees must be vigilant that there are bad guys out there that want to steal sensitive information from an organization (networksecurity.com) Brian Moynihan; CEO of the bank of American frequently speaks about the challenges modern information services face. As mobile banking stay competitive and within budget, the bank is constantly innovating and improving, but innovation cannot come at the cost of establishing weakened security (Vivek, 2015)
Introduction: - for my research project, I would like to explore about the cyber security measures. Cybersecurity covers the fundamental concepts underlying the construction of secure systems from the hardware to the software to the human computer interface, with the use of cryptography to secure interactions. These concepts are easily augmented with hands-on exercises involving relevant tools and techniques. We have different types of computer related crimes, cybercrimes, computer related offenses, federal approaches defenses. The information resources management has the technical matters for which IT are widely known. Cyber resources and cyber power as well as cyber security. We have spent a lot of time talking about many different high level critical infrastructure protection concepts we have general rule stayed away from cyber security explaining the ins and out of how the NIPP and NRF work together to ensure that we can live our daily live in relative comfort.
VAH6500 provides a concise policy which states any individuals that access sensitive information or systems must complete annual security training. Key persons with “significant” roles must attend additional training. All training is monitored for completeness. Policy indicates before employees can use systems security training must be completed.
The framework of security policy is defined to construct a structure by the help of which policy gaps can be identified in an easy manner. A system specific policy would assist to ensure that all employees and management comply with the policies. This is also used to maintain the confidentiality for user authentication would assist in the confidentiality aspect of security, maintain integrity (There are several limiting rules or constraints which are distinct in the relational data model and whose work is to maintain the data’s accuracy and maintain its integrity.), availability and authenticity of the system. Access controls are a collection of mechanisms that work together to create security architecture to protect the assets of an information system. One of the goals of access control is personal accountability, which is the mechanism that proves someone performed a computer activity at a specific point in time. So, the framework acts as the guideline
The regulatory environment is becoming more restrictive, viruses and worms are growing more pervasive and damaging, and ABC Healthcare’s stakeholders are demanding more flexible access to their systems.
Just like every other organization, Adius, LLC relies on information technology to manage their information, processes, and assets in order to thrive, conduct their business efficiently, and deliver their services effectively. However, no organization is immune from cyber-attacks and threats. In fact, cyber-attacks and threats have been increasing exponentially during the past few years. Having outdated and irrelevant cybersecurity procedures, policies and practices places organizations in greater vulnerabilities and risks. For this reason, cybersecurity procedures, policies and practices in place must be in line and be more relevant to the security needs of Adius, LLC.
Mason Financial LLC is a large company that is built on handling of personal data. As the company performs its operations on a network and over the Internet, it is exposed to a plethora of information security risks. Insurance and financial records are a prime target of hackers the world over. As the company stocks volumes and volumes of such personal information, it paves way for hackers and other fraudsters to commit insurance scams. Digital information makes it easier to monetize operations and it is always hard to track. There is the need for all stakeholders handling such sensitive personal information assets to be aware of security implications, monitor their personal credit cards and banking information besides consumers remaining
Computer security is a critical issue for nearly all businesses today. Threats to security have become more pervasive, more dangerous, and more damaging to the health of businesses. Being able to appropriately respond to a security breach is essential to the long-term success of any business. Incident response planning is necessary before an incident occurs. In their publication, Computer Security Incident Handling Guide (Special Publication 800-61, Revision 2), the National Institute of Standards and Technology (NIST) has made recommendations on the phases of incident response, what types of tools can be useful to a team responsible for incident response (IR), and what documentation is needed as part of the response. This paper discusses these topics as endorsed by NIST.
Your business requires special attention when it comes to an alarm system. There are additional considerations beyond what a residential security system requires. Your business may have some or all of the following additional considerations:
Cyber Security Insurances are designed to deal with and mitigate risks and losses from such cyber security breaches.
The SEC Risk Alert highlighted the importance of cybersecurity preparedness and set the groundwork to assess cybersecurity preparedness in the securities industry. SEC Chair Mary Jo White and SEC Commissioner Louis Aguilar have made clear that financial institutions and regulated firms must be proactive and develop and maintain effective information security programs. The results of the OCIE Cybersecurity Exam Summary were released on Feb 3, 2015 after examining 57 registered broker-dealers and 49 registered investment advisers. The firms selected were intended to provide a cross-section of the industry. The staff focused on identifying risks related to cybersecurity, cybersecurity governance, policies and procedures, oversight processes, vendor and third party risk, detecting unauthorized activity, and protecting firm networks.
VII. Hackers have a bad reputation because a select few decide to engage in illegal activities and destroy systems, but the majority of hackers work with the government and corporations to secure critical infrastructure and they also use their talents to invent and advance technology.
Malware, as defined by the National Institute of Standards and Technology, “refers to a program that is covertly inserted into another program with the intent to destroy data, run destructive or intrusive programs, or otherwise compromise the confidentiality, integrity, or availability of the victim’s data, applications or operating system. (M. & K., 2013)” This is a threat to all companies with any type of internet access and/or electronic information storage. That is currently a large number of both small and big businesses.
Cybersecurity preparing with the deciding result in winning a testament gives you a few ways to consider. A few colleges and schools have cybersecurity programs, and also other industry affiliations and foundations, have classes which finish in a cybersecurity testament.
According to the U.S. Department of Homeland Security in the article Cyber Threats to Mobile Phones, phones are now sharing hardware and software similar to a PC and becoming each time more like a PC. Therefore, the risks of being hacked are increasing, allowing hackers to attack mobile devices the same way as if they were doing it with a regular PC. Personal and professional information are more often stored on mobile devices therefore it is imperative to have our data secure. Security solutions for mobile devices are not as broad or high-tech as those for PCs. The majority of mobile security relies on the proper use and smart choices that the user makes on a daily basis to be protected against cyber attacks. Even the most careful person can be attacked but the possibilities of that happening are less when you are proactive.