IRDAI issues cyber security standards for Insurance intermediaries including brokers, corporate agents, etc under the Guidelines on Information and Cyber security
Due to the recent Cyber-attacks, Insurance Regulatory and Development Authority of India ( “IRDAI”) has revised the Audit Checklist (Annexure – 1) to cover various areas to prevent such attacks. In preparing the industry to be compliant with Cyber Security standards, the following directions are issued to implement the revised IRDAI Cyber Security Guidelines :
Timelines for implementation :
| 1 | Appointment of Chief Information Security Officer (CISO) responsible for enforcing the Cyber Security Policies.
|
31st Dec, 2022 |
| 2 | Preparation of GAP Analysis Report as per Checklist
|
31st Dec, 2022 |
| 3 | Formulation of Cyber Crisis Management Plan
|
15th Jan, 2023 |
| 4 | Preparing Information and Cyber Security Policy, to be approved by Board of the Intermediary
|
31st Jan, 2023 |
| 5 | Completion of Cyber Security Assurance Audit
|
28th Feb 2023 |
| 6 | Cyber Security Assurance Program (to close Gaps) as per Cyber Security Assurance Audit | 31st Mar, 2023 |
Insurance intermediaries covering Brokers, Corporate Agents, Web Aggregators, Corporate Surveyors, Insurance Self Networking Platform (ISNP) and Insurance Repositories must adhere to the above timelines and file the Audit Report on or before 31st March 2023.
Source : Insurance Regulatory and Development Authority of India
Lexplosion Solutions
https://lexplosion.in/Lexplosion Solutions Private Limited is a pioneering Indian Legal-Tech company that provides legal risk and compliance management solutions through cloud-based software and expert services.