A topic that is the subject of an enormous amount of media attention, cyber risk is increasingly the focus of legislators and regulators as well as state and federal administrations in a variety of forums.
Legislation is currently pending in Congress that grants immunity to companies that share information related to cyber attacks, and federal agencies from FIO to DHS are increasing their involvement in cyber issues. The newly created Cybersecurity (EX) Task Force at the NAIC is considering numerous cyber-related initiatives, including opening existing data privacy and protection model laws. Further, states continue to amend existing data breach laws to cover more data and require companies to adopt stronger defenses against hacks.
PCI is actively engaged on all fronts to ensure our members’ interest are protected from overly burdensome regulation.