Insurers should integrate security and privacy programs and maintain open dialogue with regulators about innovation
New quarterly report and webinar series on intersection of legal compliance and technology strategy for insurers; open webinar on January 9th: New report by Novarica and Locke Lord LLP
Boston, MA (Nov. 21, 2019) – Insurers need an integrated cybersecurity and data privacy strategy with a CISO at the helm to contend with the growing number regulations, and an open dialogue with regulators about innovation, according to Insurance Technology Strategy and Regulatory Compliance, Vol. 2, the second of a new quarterly series by Locke Lord LLP, a full-service global law firm, and Novarica, a research and advisory firm for insurer IT leaders.
This edition reviews:
- Similarities and differences between NYDFS Cybersecurity Regulation and NAIC Data Security Model Law
- Recent updates to the California Consumer Privacy Act of 2018
- Potential innovation opportunities and limitations surrounding insurance regulatory sandboxes
“Regulators seem to be in a constant game of cat and mouse with carrier innovation, and finding a balance is something legislators continue to struggle with,” said Mitch Wein, Senior Vice President of Research and Consulting at Novarica and co-author of the new report. “New products and increased consumer data collection are exacerbating the relationship between innovation and regulation. Carriers find it best practice to consider both levers as they plan a way forward.”
Locke Lord contributors to this brief include:
- Brian T. Casey, co-leader of the Regulatory and Transactional Insurance Group;
- Benjamin P. Sykes, a partner in the practice; and
- Theodore P. Augustinos, co-leader of the privacy and cybersecurity practice
All three will join Mitch Wein on a webinar discussing the issues in the report, hosted by Novarica, on January 9:
Report Summary
Locke Lord LLP and Novarica look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy.
This edition reviews the similarities and differences between NYDFS Cybersecurity Regulation and NAIC Data Security Model Law, the recent updates to the California Consumer Privacy Act of 2018, and the potential innovation opportunities and limitations surrounding insurance regulatory sandboxes.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
About Locke Lord LLP
Locke Lord is a full-service law firm with global reach and 20 offices designed to meet clients’ needs in the United States and around the world. The Firm has a history that spans more than 130 years and is a leader in the middle market arena. Locke Lord focuses on providing the highest levels of commitment, quality and service to clients across its five Key Sectors: Energy and Infrastructure; Finance and Financial Services; Insurance and Reinsurance; Pharmaceutical; and Private Equity. In addition, the Firm advises clients across a broad spectrum of other industries, including fund formation, venture capital, health care, public finance, real estate, technology, cybersecurity and white collar, while providing a wealth of experience through its complex litigation, intellectual property, tax, regulatory and transactional teams. . For more information, visit www.lockelord.com.
Source: Novarica
Tags: compliance, Novarica, report, United States (USA)Read the original article at Insurance-Canada.ca