India's Insurance Regulatory and Development Authority (IRDAI) issues revised information and cyber security guidelines
Change
India's IRDAI mandated that all insurance-regulated entities implement and comply with its revised information and cyber security guidelines starting in the current financial year.
Why it matters
Operational IT and security teams must implement specified technical controls, incident-response procedures and vendor-management practices to align with the regulator's updated baseline. Risk, compliance and internal-audit functions must incorporate the new standards into control frameworks and reporting schedules within the regulator's compliance window.
Implications
- • Chief information security officers at insurance companies regulated by India's IRDAI must perform a full gap assessment and begin remediations immediately — unresolved gaps remaining by the end of the current financial year will expose firms to regulatory enforcement.
- • Compliance officers and chief risk officers at insurance companies regulated by India's IRDAI must update compliance frameworks and documentation within the current financial year — failure to complete updates will trigger supervisory follow-up.
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