On May 3, 2018, South Carolina became the first state to enact a cybersecurity law derived from the National Association of Insurance Commissioners’ (“NAIC”) Data Security Model Law.
Establishing an aggressive program to protect insurance companies and their consumers from data breaches, House Bill 4655 requires insurers to develop, implement, and maintain a comprehensive information security program based on their risk assessment. Among other provisions, the Bill also establishes requirements for notifying regulators of cybersecurity events, protecting consumer information, and overseeing third-party service providers.
The Bill takes effect on January 1, 2019. Currently, several other states are considering enacting their own legislation regarding cybersecurity based on the NAIC model law.
For any or for assistance in compliance matters pertaining to the South Carolina’s cybersecurity law, please contact Westmont Associates, Inc.
Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services. If you have any questions, please contact us at (856)216-0220.
856-216-0220
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