SECP introduces cybersecurity framework for insurance sector

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines on cybersecurity framework for the insurance sector, providing principles to make the information technology systems of insurance companies and their partners secure and resilient.

In a statement issued on Tuesday, the commission noted that cyber risk presented an evolving challenge for the insurance sector due to growing interconnectedness.

“Insurance companies gather, store, and maintain substantial volumes of confidential personal and organizational information. Because of these data reservoirs, insurers may become potential targets for cybercriminals,” the statement read.

SECP guidelines provide a principle for the formulation of a sound cybersecurity framework to anticipate, withstand, detect, prevent and respond to any possible cyberattacks.

The suggested measures include the appointment of Chief Information Security Officer and obtaining cyber risk insurance through the deployment of other adequate cybersecurity systems.

The cybersecurity guidelines will aid in improving the privacy and confidentiality of the information stored and handled by insurers and will ultimately contribute to enhancing the policyholders’ confidence in the insurance sector.

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