Regulatory Compliance

IRDAI Compliance
Audit

According to the IRDAI (Insurance Regulatory and Development Authority of India), all insurance companies must safeguard sensitive information. While sharing information is essential, it is also crucial to ensure that adequate protocols and procedures are in place to prevent data leakage/theft. With the rapid growth of IT assets, the cyber threat landscape has grown exponentially. Cyber security recommendations become crucial in lessening current internal and external dangers to insurers, as well as chances to improve cyber fraud prevention procedures. On October 31, 2016, guidance for developing a comprehensive information and cyber security strategy for the insurance industry was released. Later revisions were introduced with the goal of providing adequate cyber risk mitigation mechanisms.

Methodology

Insurers must develop a standardized framework for information and cyber security implementation, as well as a governance structure to ensure that all the security-related issues are addressed on a regular basis. The main purpose is to establish similar standards and procedures for everyone in the insurance business. According to these rules, anyone who wants to sell insurance online must create a digital platform called the Insurance Self Network (ISNP) and adhere to all the rules.

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Guidelines for Insurers on Information and Cyber Security as per RDA/IT/GDL/MISC/ 082/04/2017

Guidelines for Insurers on Information and Cyber Security

Why should you partner with iLeads to achieve IRDAI Compliance?

iLeads, as a VAPT Cert-In empanelled authorized security audit firm, can assist you safeguard against such vulnerabilities based on the following IRDAI guidelines. It assists the company by providing a variety of coverage alternatives to help protect data from data breaches and other cyber security vulnerabilities.

 

This compliance aims to

IRDAI aims to improve the insurance business, simultaneously improving its transparency and focus on protecting consumers’ interests. The following are the reasons why the appropriate security recommendations must be followed:

 

1. To protect the policyholder’s interests.

2. Fair regulation of the insurance industry and reduce the threat landscape.

3. To minimize loss due to cyber fraud.

Benefits

Cybersecurity is important because it protects organizational assets and services from malicious attacks and safeguards all types of data, including but not limited to sensitive data, protected health information (PHI), and personally identifiable information (PII) from theft and loss.

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FAQ's

What is the purpose of IRDAI Compliance?

The objective of compliance is to guarantee that the company follows the authority's rules and byelaws, as well as to ensure that the company is registered according to the company's requirements.

What are the requirements for Certification?

• A detailed security assessment report with appropriate remedial measures is completed.
• Qualified Experts carry out the assessments.
• The compliance and certification process entail a thorough understanding of various documents as well as verification of their implementation.

What should the insurance industry do to prevent cyber risk and support cyber insurance?

The essential element in preventing cyber hazards is to set standards, common language, and best practices, track technology advancement, and improve one's own analytical skills. To enable cyber insurance, data pools, insurance pools, existing policies, and new policies should all be developed.

What are the insurability challenges?

The key insurability issues include a lack of data, the risk of change, accumulation hazards, risk capital availability, and many others.