Insurance intermediaries will have to set up cyber security system: IRDAI

IRDAI has asked insurance intermediaries like brokers, corporate agents, web aggregators and insurance self-networking platform to set up their cyber security system.

Under these norms, intermediaries will have to appoint chief information security offer (CISO), formulate cyber crisis management plan, complete cyber security assurance audit among other things.

However, the insurance regulator has exempted agents and insurance marketing firms from these norms. 

These norms will be implemented in a phased manner by March 31, 2023.