Wisconsin’s governor has signed into law legislation creating new cybersecurity requirements for protecting data collected by the insurance industry.
Governor Tony Evers signed Act 73, which is based on model legislation developed by the National Association of Insurance Commissioners (NAIC) incorporating input from all participating state insurance commissioners, industry stakeholders, and consumer representatives. Wisconsin’s Office of the Commissioner of Insurance (OCI) worked under the administrations of both Gov. Evers and former Gov. Walker to develop a version of this model law that would best serve Wisconsinites.
“From ransomware to data breaches, insurers and consumers are at an increasing risk of experiencing a serious cybersecurity incident,” Insurance Commissioner Mark Afable said in a media release. “The new consumer protections in this Act will help protect personal data and keep Wisconsin insurance companies secure.”
With some exceptions, this law will require anybody licensed with OCI, including insurers and agents, to develop an information security program that protects its systems and data. Within one year, they must also conduct a risk assessment and address any areas that put their consumer’s data or their IT systems at risk. The law also requires insurers to develop an incident response plan and provide notice in a timely manner to consumers affected by a data breach.
Source: Wisconsin OCI
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