 "The insurance sector is at a critical juncture. Despite impressive growth in premium income – from Rs 1 trillion in FY05 to more than Rs 6.7 trillion in FY24 – the sector has yet to fully realise its potential in terms of broader penetration and impr")
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Regulator Irdai on Wednesday directed insurers to empanel forensic auditor in advance so that they could conduct forensics and root cause analysis of cyber incidents without any delay.
In a circular, which has come in the wake rising incidents of data breach, Insurance Regulagtory and Development Authority of India (Irdai) said that in today's digital age, any cyber incident and crisis poses significant threats to organisations.
Therefore, it is crucial to be prepared to respond effectively to prevent or minimise damage to information assets, including customer data and ensure business continuity.
In 2023, the regulator had issued Irdai Information and Cyber Security Guidelines regarding cyber incident or crisis preparedness.
"In addition..., all regulated entities are required to establish a well-defined procedure/practice to ensure that the forensic auditor/s are empanelled in advance and can be onboarded to conduct forensics and root cause analysis of cyber incident/s without any delay," Irdai's circular said.
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The regulator reiterated that all regulated entities must strictly adhere to the provisions on cyber incident/crisis preparedness to ensure effective readiness.
Irdai also asked all its regulated entities, including insurance intermediaries to place compliance to the provisions in the ensuing board meeting and submit the minutes of the meeting to it for information.
Data breaches have been reported in recent times by some leading insurers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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