SECP Guidelines on Cybersecurity Framework
The security and exchange commission of Pakistan (SECP) has issued a security framework guideline for the sectors of insurance, to provide them the control of the risk of hacking and other types of cybercrime also wants to secure the information system security systems of insurance companies and their partners or clients secure.
SECP also said in a statement that due to the development of interconnectedness cyber risk presents an evolving challenge for insurance companies.
Insurance sectors are increasing reliance, on all the companies to gather, store and maintain their data of confidential personal information as because of this data insurance companies may become the main target of the cybercriminal.
They ensure that if insurance companies follow their guidelines then it will provide the principle of a sound cybersecurity framework and they will try their best to detect, prevent, respond and control cyber-attacks.
According to SECP, these guidelines will apply to all insurance companies including Takaful operators (who are registered under the insurance ordinance 2000). These were effective from July 2020.
They also suggested a measure to appoint a chief Information Security officer to control cybersecurity risk.
They said that the cybersecurity guidelines will improve the privacy and confidentiality of stored information and it will be handled by the insurer and will enhance the contribution of policyholders.
You can check all their guideline on their official website by clicking on the given link https://www.secp.gov.pk/document/sec-guidelines-on-cybersecurity-framework-for-the-insurance-sector-2020/?wpdmdl=38763.