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Insurers given 24 hours to report major cyber attacks to regulator
IRA says cybersecurity incidents that qualify as material will include those causing significant disruption of critical services, platforms or systems, results in unauthorised access or loss of sensitive personal and customer data or leads to financial loss to insurer, its clients or third parties.
Insurance companies will have to disclose to the regulator major cyber attacks on their business within 24 hours in line with the newly issued cybersecurity compliance framework for the industry.
The Insurance Regulatory Authority (IRA) guidance note on cybersecurity for insurers is warning of heightened exposure to cybersecurity threats and data breaches as companies step up use of technology in onboarding customers and managing claims.
