Accounting Standard Updates
12 Days of SSAP: Cybersecurity
Article reading time: 40 seconds
As the holidays approach, JLK Rosenberger is taking a new perspective on a holiday classic – the Twelve Days of Christmas. Rather than filling your head with turtle doves and gold rings, we are focusing on the latest changes to SSAP and how they will impact your insurance company in 2019 and beyond.
On May 3, 2018, South Carolina became the first adopter of Insurance Data Security Model Law. The NAIC adopted the law in October 2017, and the law goes into effect January 1, 2019, and requires licensees of the State of South Carolina DOI to comply. The law follows the New York Department of Financial Services regulation, which paved the way for the NAIC law. Since this time, cybersecurity regulation seems to be spreading like wildfire. California, Vermont, Colorado and a host of other states are considering or have passed cyber legislation.