b'CYBERSECURITY & DATA PRIVACY|REGULATIONThe report noted that a cyber attack couldinteracting with and supporting state insurance compromise the integrity of critical data, includingdepartments responding to insurance industry by corrupting such data or otherwise disruptingcybersecurity events;access to it. Further, a cyber attack may lead to apromoting communication across state loss of confidence among customers of aninsurance departments regarding cybersecurity institution, which could lead to a significantrisks and events;withdrawal of assets or activity. FSOC recommended that financial institutionsoverseeing the development of a regulatory continue to cooperate among themselves and withcybersecurity response guidance document to the government to mitigate cybersecurity risks. Inassist state insurance regulators in the particular, timely sharing of actionable cybersecurityinvestigation of insurance cyber events;information with and among the private sector maycoordinating NAIC committee cybersecurity reduce the risk that cybersecurity incidents occurwork including cybersecurity guidance and can mitigate the impacts of those that do occur. developed by the Market Conduct Examination Guidelines (D) Working Group and the NAIC Refocuses on Cybersecurity Information Technology Examination (E) In 2017, the NAIC created a new Innovation andWorking Group;Technology (EX) Task Force reporting to the NAICadvising on the development of cybersecurity Executive (EX) Committee. At the end of 2021, thetraining for state insurance regulators;NAIC elevated that task force to become its own letter committeethe Innovation, Cybersecurity,working with the Center for Insurance Policy and and Technology (H) Committeecharged withResearch (CIPR) to analyze publicly available coordinating NAIC efforts regarding innovation,cybersecurity-related information;cybersecurity and privacy and technology. supporting the states with implementation At the same time, the NAIC reestablished theefforts related to the adoption of the Model Cybersecurity (H) Working Group and placed itLaw; andunder the new Innovation, Cybersecurity, andengaging with federal and international Technology (H) Committee. The last iteration of thesupervisors and agencies on efforts to manage working group was tasked with drafting the Modeland evaluate cybersecurity risk.Law and was disbanded after the Model Laws passage. The new working group is tasked with theIn addition, the 2022 charges for the Innovation, following charges: Cybersecurity, and Technology (H) Committee have numerous cybersecurity-specific charges, monitoring cybersecurity trends such asincluding the following:vulnerabilities, risk management, governance practices and breaches with the potential toDiscuss emerging issues related to cybersecurity, affect the insurance industry; including cybersecurity event reporting, and consumer data privacy protections. Monitor and 138|Global Insurance Industry Year in Review 2021'