Formation of Committee to Review IRDAI’s Information & Security Guidelines


Quick Summary
The Insurance Regulatory and Development Authority of India (IRDAI) has established a committee to review its existing Information & Security Guidelines. This review is prompted by the significant increase in cyber-attacks globally, particularly within the financial sector, due to the COVID-19 pandemic. The committee will examine the current guidelines, which cover aspects like Information Security Committees, cyber security policies, and CISO appointments, to determine necessary updates and potential expansions.

Insurance Regulatory and Development Authority of India. 

Ref. No: IRDA/IT/ORD/MISC/034/02/2021

Date:24-02-2021

ORDER

FORMATION OF COMMITTEE TO REVIEW IRDAI’S INFORMATION & SECURITY GUIDELINES

The economic situation owing to COVID-19 pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated Regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities in an effort to protect the financial systems. IRDAI issued Guidelines on Cyber Security vide IRDA/IT/GDL/MISC/082/04/2017 Dt. 7th Apr, 2017 as a part of Governance mechanism, which amongst other requirements mandate:

1. Information Security Committee (ISC)

2. Board approved Information & Cyber Security Policy

3. Appointment of Chief Information Security Officer (CISO),

4.Cyber Crisis management plan (CCMP)

Apart from the above, the Guidelines mandate that the Insurers’ Risk Management Committee should be responsible for an Annual Comprehensive Assurance audit including conducting of Vulnerability Assessment & Penetration Test (VA&PT) and should report the findings to IRDAI.

In the light of Cyber Attacks which the financial sector has been witnessing and in the process of having a structured reporting to analyse the issues to be addressed in a holistic manner at the Industry level, it is considered necessary to review IRDAI’s Information & Cyber security Guidelines inter alia, for the following:

1.  Whether to extend the applicability of Guidelines for insurers to other entities, which are regulated by IRDAI, with or without modification.

2. Whether and how to apply the Guidelines to the extent applicable to entities which access Insurers IT Systems.

3. How to ascertain that minimum Security Standards are followed by those entities which access Insurers IT Systems, though those are not regulated by IRDAI.

4. Whether to update the Guidelines to cover Cyber Security issues in Fintech Solutions, Mobile based applications, Work from Remote location and Cloud Sourcing.

5. To address base-line requirements for Critical Information Infrastructures (CIIs) to sync with NCSI (National Security Council of India) Guidelines.

6. To specifically address applicability of Guidelines for foreign Re-insurance branches (FRBs) which have interface with overseas parent Companies and other Global re-insurers.

7. To prepare a Comprehensive Audit Checklist and Certification model

To deliberate on the above and to submit concrete recommendations, the following committee is hereby constituted:

Prof. Janakiram – Director, IDRBT, Chairman

Prof H. Krishnamurthy, Formerly Chief Research Scientist, IISc., Bangalore, Member

Prof G. Sivakumar, IIT, Mumbai –  Member

Mr. Vital Raj, CA, CISA – Member

Mr. Vinayak Godse, Vice President, Data Security Council of India – Member

Mr. Dayanivas Sharma, Vice Chairman, ICAI, Member

Mr.V.Vijayakumar, CA, CISA – Member

Mr. Sunder Krishnan, Chief Risk Officer, CISA Reliance Life – Member

Mr. Venkata Krishnan, ACA –Member

Mr. S.N. Jayasimhan- General Manager, IRDAI – Member

Mr. Jayakumar- General Manager,CISO, IRDAI –  Member

Mr. Sachin Jadhav CTO/CIO, Edelweiss Life Ins. Co., Ltd.- Member

Mr. Siddharth Bhat,  CTO/CIO, Aditya Birla Health Ins. Co., Ltd.

Mr. Saurabh Chatterjee, CTO/CIO, Bajaj Allianz General Ins. Co., Ltd

Mr. AR Nithiyanantham, CGM-IT, IRDAI shall be Member Convenor of the Working Group. The Committee shall submit its report in 2 months.

This is issued with the approval of the Competent Authority.

Sd/-

MEMBER (LIFE)

FAQ :

The review is being conducted due to the exponential increase in cyber-attacks globally and within the financial sector, exacerbated by the COVID-19 pandemic.

The current guidelines mandate the formation of an Information Security Committee, a Board-approved Information & Cyber Security Policy, the appointment of a Chief Information Security Officer (CISO), and a Cyber Crisis Management Plan (CCMP).

The committee will consider extending the guidelines' applicability to other IRDAI-regulated entities, how to apply them to entities accessing insurers' IT systems, updating them for Fintech and remote work, and addressing baseline requirements for Critical Information Infrastructures.

The committee includes members from academic institutions like IIT and IISc, industry bodies such as the Data Security Council of India, and representatives from various insurance companies and IRDAI itself.

The committee is expected to submit its report within two months of its formation.

 

Guest
Notification No : Ref. No: IRDA/IT/ORD/MISC/034/02/2021
Published in Miscellaneous
Source : https://www.irdai.gov.in/ADMINCMS/cms/frmOrders_Layout.aspx?page=PageNo4380

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