Proposed Model Law Could Beef Up U.S. Insurers’ Cyber Risk Management

New cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests.The CyberSecurity Working Group of the National Association of Insurance Commissioners (NAIC) has approved a new Insurance Data Security Model Law, notes a statement issued on Wednesday by the ratings firm. The framework establishes industry standards for data security that will apply to a broad range of parties, including insurance companies, agents and brokers.