The key changes in the IRDAI guidelines for cyber insurance in 2024

Extension of applicability: The guidelines are now applicable to all insurance intermediaries, including brokers, foreign reinsurance businesses, corporate agents, web aggregators, third-party administrators, insurance marketing firms, insurance repositories, insurance self-network platforms, corporate surveyors, motor insurance service providers, common service centers, and the Insurance Information Bureau of India.

Enhanced cybersecurity framework: The guidelines aim to enhance the cybersecurity framework in the Indian insurance sector by providing a comprehensive approach to data-centric security.

Increased focus on data protection: The guidelines emphasize the importance of data protection and provide detailed guidelines for data localization and acceptable usage of social media.

Multi-Factor Authentication (MFA): MFA will be a mandatory requirement for accessing company accounts and sensitive information, providing an extra layer of protection against unauthorized access and data breaches.
Incident Response (IR) Plans: Documented, tested IR plans will become mandatory, ensuring that organizations are prepared to respond effectively in the event of a cyber breach.

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