IRDAI amends Guidelines on Information and Cyber Security

The Insurance Regulatory and Development Authority(IRDAI) has amended Guidelines on Information and Cyber Security.

Reference is drawn to Point no. 3 on “Applicability” of Guidelines on Information and Cyber Security for Insurers dated 07.04.2017 read as “this guidelines document is applicable to all insurers regulated by Insurance Regulatory and Development Authority of India (IRDAI).”

The Circular issued dated 07/04/2017 stated that, “All insurers must follow these regulations. Insurance companies would be responsible for making sure that suitable safeguards are put in place for intermediaries and other regulated entities with whom policyholder information is shared. These safeguards would need to address issues with information and cyber security. Insurance companies are excluded from the requirement to appoint a full-time individual as Chief Information Security Officer if they have not reached the 3-year mark since the date of the beginning of business (CISO).”

It has been decided by the Authority to extend the applicability of said guidelines to all Insurance Intermediaries with immediate effect.