New legislation outlines necessities to safeguard the business from cyber threats
Pennsylvania governor Josh Shapiro has signed into legislation a invoice designed to safeguard the insurance coverage business from cyber threats.
Pennsylvania Insurance coverage Information Safety Act, also referred to as Home Invoice 739, was signed final week as Act 2 of 2023 after it handed each the Pennsylvania Home and Senate with unanimous, bipartisan help.
Beneath the brand new legislation, insurance coverage licensees, together with corporations and people (with sure exceptions for small companies), are actually required to carry out thorough threat assessments to establish potential cyber threats and decide the chance and potential harm related to these threats.
All licensees should additionally develop a complete data safety program aimed toward mitigating dangers, stopping cyber incidents, and establishing response plans for recovering from cybersecurity occasions.
Moreover, licensees are actually obligated to inform the insurance coverage commissioner inside 5 enterprise days in the event that they uncover a cybersecurity occasion involving private data.
“Governor Shapiro will at all times stand for the perfect pursuits of Pennsylvania’s insurance coverage shoppers and has prioritized making certain that the business is efficient and dealing for Pennsylvanians,” stated performing insurance coverage commissioner Michael Humphreys.
“This collaborative effort was targeted on enhancing enterprise processes and insurance coverage regulatory instruments to finest safeguard our residents’ private data. The brand new bipartisan legislation makes Pennsylvania the biggest state to enact these important reforms and can make the business extra responsive and higher ready for cybersecurity occasions and cybercrime.”
Citing a cybercrime report from the FBI, the division underscored the significance of the brand new legislation, contemplating the next statistics:
- In 2022 alone, People suffered losses exceeding $10.3 billion as a consequence of cybercrime, representing a 49% enhance in comparison with the earlier 12 months.
- The FBI acquired over 800,000 complaints associated to cybercrime throughout the identical interval.
- Pennsylvania witnessed the next variety of reported cybercrime victims in comparison with the mixed figures of Canada, India, Australia, France, and South Africa.
What are your ideas on this story? Be happy to remark under.
Associated Tales
Sustain with the most recent information and occasions
Be a part of our mailing checklist, it’s free!
