On August 7, 2017, the NAIC’s Cybersecurity (EX) Working Group met in its continuing effort to develop a model cybersecurity law for the insurance industry. This effort, which commenced over a year ago, has taken a new direction following the recent promulgation of the New York Department of Financial Services Cybersecurity Regulation effective March 1. Many of the themes, common terminology, and requirements of the New York regulation have been echoed in the current NAIC draft, which was advanced by the Working Group for consideration at an NAIC plenary session.
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