Cyber-attacks: new regulations

Indian insurers are henceforth compelled to appoint an officer in charge of ICT security within their organization. The deadline for the implementation of this directive has been set at 30 April 2017.

The new regulation, enacted by Insurance Regulatory and Development Authority of India (IRDAI), is aimed at raising awareness among insurers to the threats of cyber-risks.

Insurance companies are also required to submit, prior to 30 June 2017, a crisis management plan in the event of a cyber-attack. Moreover, the supervisory authority requires the execution of a full security audit before 31 March 2018.

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