Irdai sets up panel to relook guidelines on information, cybersecurity

The Insurance Regulatory and Development Authority of India (Irdai) has formed a working group committee to relook its information and security guidelines amid the exponential increase in cyberattacks across the globe in the wake of covid-19.

“The economic situation owing to Covid-19 pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated Regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities to protect the financial systems,” Irdai’s said in its statement on Wednesday.

Earlier, in April 2017, the regulator had issued guidelines on cybersecurity as a part of its governance mechanism. The mandate also included the Information Security Committee (ISC), Board-approved Information & Cyber Security Policy, Appointment of Chief Information Security Officer (CISO), and Cyber Crisis management plan (CCMP).