IRDAI Sets Up Standing Committee on Cyber Security

The Insurance Regulatory and Development Authority of India (IRDAI) has set up an inter-disciplinary standing committee on cyber security. The committee is expected to regularly review the threats inherent in the existing or emerging technologies and suggest appropriate changes to the IRDAI Information and Cyber Security Framework to further strengthen the insurance industry’s cybersecurity posture and resilience.

This decision was taken pursuant to the release of the IRDAI Information and Cyber Security Guidelines dated April 24, 2023. The said guidelines sought to ensure the security of the organisation’s information assets through the effective implementation of up-to-date security mechanisms. The Office Order dated September 14, 2023, specifies that the suggestions received from the Regulated Entities (REs) in the implementation of the 2023 guidelines will also be considered by the committee for suggesting appropriate changes in the current framework.

The standing committee will consist of a chairperson, eight members and a convener. If necessary, the committee may invite external members to examine specific issues or suggestions.