The Canadian Insurance Services Regulatory Organization (CISRO) has released a new reference to provide insurance intermediaries with information on fortifying their cybersecurity defenses and protecting against emerging threats.
With technology now an integral part of modern business operations, CISRO said it came up with its “Cybersecurity Readiness” publication to outline guidelines, strategies, and best practices tailored to the specific challenges faced by intermediaries in the insurance industry.
The resource available through the CISRO website includes insights on risk assessment, security policies and procedures, and data protection. It also advises intermediaries on forming a cyber incident response plan.
In its publication, CISRO urged intermediaries to review their current cybersecurity practices and implement measures addressing existing gaps.
“Intermediaries should consider the assistance of a cybersecurity professional who can help with the assessment and review of their current practices and provide specific advice based on their needs,” CISRO said. “They should also ensure that the cybersecurity measures implemented are compliant with applicable privacy legislation.”
It also asked that insurance intermediaries “stay up to date” with developments in the cybersecurity space, in addition to considering cyber liability insurance as “an option to help them in their effort to achieve cybersecurity readiness.”
A recent report by IBM revealed that the average cost of a cybersecurity breach in 2023 is $6.94 million. It is the second-highest annual cost in the study’s nine-year history.
“Once you are dealing with an attack, and you are working to contain that breach – even though it’s not in the news cycle anymore – there is an awful lot of investment and work that is required to make sure it never happens again,” Chris Sicard, IBM Canada’s security consulting and delivery leader, told the Canadian Press back in July.
What are your thoughts on this story? Feel free to comment below.
