IRDAI extends Guidelines on Information and Cyber Security to Insurance Intermediaries with immediate effect

The Insurance Regulatory and Development Authority of India ( “IRDAI”) has extended the applicability of Guidelines on Information and Cyber Security (“Guidelines”) to Insurance Intermediaries with immediate effect i.e., with effect from 2nd September 2022.
Background :
Earlier, the said Guidelines was applicable only to Insurers. It provides for a uniform framework for information and cyber security with a purpose of maintaining confidentiality of information. It also ensures that an in-built governance mechanism is in place within the regulated entities to make sure that all such security related issues are addressed time to time.
Key objectives of the Guidelines :
(i) To ensure that a Board approved Information and Cyber Security policy is in place with all insurers.
(ii) To ensure that necessary implementation procedures are laid down by insurers for Information and Cyber Security related issues.
(iii) To ensure that insurers are adequately prepared to mitigate Information and cyber security related risks.
(iv) To ensure that an in-built governance mechanism is in place for effective implementation of Information and cyber security framework
A copy of the guidelines is attached here for ease of reference.

Source : Insurance Regulatory and Development Authority of India