CYBERSECURITY LAWS AGENCIES SHOULD KNOW
Cybersecurity is a growing concern for the government and businesses while attacks occur more often and much faster today than ever before. Cyber incidents impact small to large companies as well as non-profits and even local and federal government. Insurance agencies handle delicate customer information daily that is potentially at risk when cyber-attacks occur. Most of this information is highly confidential to the customer and is often only disclosed to agents. Fortunately, there are security measures agencies can take to ensure the protection of sensitive customer information from cyber-attacks thanks to a few cybersecurity laws in place on both state and federal levels.
The Gramm - Leach - Bliley Act (GLBA)
The Gramm-Leach-Bliley Act, or the Financial Services Modernization Act, was enacted in 1999 to require companies that offer consumers financial services and products to explain their information sharing process to their customers to protect their sensitive data. There are security measures and regulations in place to help insurance companies comply with the act.
It’s important that agencies understand these regulations, comply with and protect them, and well as fully address all the areas of business that apply. The best thing an insurance agency can do about cyber risk, is acknowledge its importance and the fact that ensuring customer information security is a high priority.
There are several best practices which assist agencies with security and complying with the GLBA.
Check it out: Ways To Detect Spam
Agents Council For Technology
The Agents Council for Technology brings together volunteer work groups to address issues like cybersecurity, customer experience, and future trends in technology. As a council, they work together to develop best practices and tools to help agencies, brokers, and carriers to implement a more effective technology process. Among the council’s members are carriers such as Allstate independent agents, Liberty Mutual Insurance, MetLife Auto and Home, and Progressive.
Check it out: Why You Should Be Concerned About Cybersecurity
Cybersecurity Information Sharing Act
The Cybersecurity Information Sharing Act was enacted in 2015 to improve security through enhanced sharing of information about cybersecurity threats. The act allows the sharing of Internet traffic information between the government and U.S companies. This act receives more controversy than others, receiving backlash from big tech companies such as Google, Facebook, Netflix, and Amazon.com.
Check it out: What Is Attacking My Computer?
Sure, it’s easy to say, “go back to the good old days” and keep records with pen and paper, but that’s hardly necessary in order to keep private customer information secure today. While technology and the Internet are becoming more and more prominent in the daily workflow and data keeping, it’s important to stay knowledgeable about the laws and regulations in place to help keep information secure and your job easier if or when a cyber incident occurs.
For more information on insurance technology, check out our Insurance Technology Pillar Page