Hamm: Cyber-security a top issue for insurance regulators
North Dakota’s Insurance Commissioner says cyber security has become a very big issue in the insurance industry.
And Adam Hamm says the National Association of Insurance Commissioners has been spending a lot of time on it.
"The insurance sector is under attack," Hamm said. "There have been four huge cyber-breaches in the insurance sector just within the last year and a half. And that's impacted north of 100 million Americans. There's a massive bulls-eye on the insurance sector, and we need to do everything we can -- all of us -- to improve cyber security in the insurance base."
Hamm says the national group is working on model legislation to protect consumers. He says it’s based on the group’s adoption of a “Consumer Bill of Rights” – when it comes to data privacy. Hamm says it will protect consumers on both the “front end” and the “back end.”
"This model law will outline to consumers, 'Here's the things you have a right to expect" -- and it will be in state law across the country -- with respect to your data privacy, and the information insurance companies are gathering on you," Hamm said. "And if there is ever a breach, and your data has been impacted, here's what you have a right to expect to receive from that insurance company, agent or department that suffered the breach."
Hamm says he hopes the measure is ready to go for the 2017 North Dakota Legislature.