Recent cybersecurity breaches of insurance and other entities have prompted insurance regulators to devote additional resources to the issue. Regulators are stepping up their evaluations of insurers' cybersecurity measures, and are issuing additional guidance and creating new requirements that insurance entities must comply with. This session will consider the issues associated with some of these recent developments, as well as new cyber-related issues looming on the horizon.
The proposed cybersecurity model law of the National Association of Insurance Commissioners (NAIC) will be discussed, including a deep-dive into how its provisions would impact the insurance industry, and some of the criticisms of the NAIC's approach. Other activity at the state level will also be discussed, including some of the most recent guidance developed by insurance departments. Tips for working with regulators to avoid compliance pitfalls will also be shared. Lastly, the possibility of federal regulation will be considered, with an analysis of the pros and cons of such a scenario.
Panelists:Dustin Loeffler,Director,Aon Benfield;Fred Karlinsky,Shareholder,Greenberg Traurig;Lori Nugent,Shareholder,Greenberg Traurig, P.A.