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Agency Cyber Guide 3.0

Handling sensitive information is now one of the most critical responsibilities faced by the modern insurance agency.

Independent insurance agents and brokers must properly collect and protect sensitive client information every day. This means
complying with state and federal regulations as well as adhering to customer service best practice standards, and compliance with Data Privacy Laws as mandated in all Agency/Company contracts.   

Every state now has data breach response laws, and in the future, each state's regulations may vary based on their insurance department's interpretations.  The Gramm-Leach-Bliley Act ('GLBA') covers all other models and state laws, including  the New York Department of Financial Services (NY DFS) and 
the new 
National Association of Insurance Commissioners (NAIC) Model, which several states have already adopted, and many others are reviewing. 




 “Privacy Provisions of The Gramm-Leach-Bliley Act (GLBA) and Their Impact on Insurance Agents & Brokers”

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A State Statute, Regulation, Order, or Interpretation is not inconsistent with the provisions of the GLBA if the protection offered by the Statute, Regulation, Order or Interpretation is greater than that offered under the GLBA.  The States are required to implement and enforce the GLBA Privacy Requirements for Insurance Agents, Brokers, and Carriers. 

In 2016, The Big I General Counsel did an in-depth review of the GLB Act and provided significant insights on the data security, carrier contracts and overall information security implications of this mandatory Federal Act. 

 GLBA is the threshold for financial institutions and insurance companies and agencies. State Laws are mandated to comply with GLBA and if the state wishes to make changes, they must exceed what is required under GLBA. 

 These acts and regulations can be difficult to address given the multifaceted responsibilities agents encounter daily, but it is mandatory and must be a priority.

Please review the privacy provisions as detailed in The Gramm-Leach-Bliley ACT to gain insights on their impact to you as an independent agent - 

Particularly the data security requirements and contract implications detailed in Section VI on pages 5 & 6.

The Agents Council for Technology (ACT) in cooperation with our carrier, vendor, and agent/broker members and has created this Agency Cyber Guide for Big I" independent agents and brokers.  This tool includes a list of the major Federal and State regulations with clear descriptions and resources to address each, including detailed information on each vendor/service provider. Given the swift nature of change in technology and the increasing sophistication of cybercrime, this tool will be updated on a periodic basis.

Cyber Guide Resources

A customizable security policy template for your agency.

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Check out these insights as provided by the Federal Trade Commission (FTC) on GLBA, and more detail on what the provisions and compliance for safeguards mean for our industry. This site also house links to additional GLBA-related resources.

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The National Association of Insurance Commissioners (NAIC) created a model law for states to review and adopt. This web page lists updates on state progress and additional resources to understand the details of the NAIC Model Law.

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A review of regulations by the NY DFS. Your company may apply for an exemption depending on how your agency falls within these regulations.

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The Gramm-Leach-Bliley ACT (GLBA) created far-reaching cyber regulations for agents to comply with. This article created by a law firm specializing in GLBA discusses how insurance agency producer specifically can work to protect their customer’s privacy and sensitive information.

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 Additional Insurance Resources

NY Exemption Filing Information via IIABNY

New cybersecurity rules that every agency and individual must follow laid out by the DFS.

Cybersecurity Vendors and Offerings

A quick guide on how your agency may comply with cyber regulations.

Big I" Cyber Resources

Explore cyber resources presented by the Big “I” for agencies.

A Cybersecurity Checklist for the Small Business

A list of items to act as a guide when checking on your agency's cybersecurity risks.

 Cyber Security Liability Insurance Policies Resources

Do not confuse these with agency security processes detailed in this document prior to this section.

Big 'I' Markets: Cyber Liability Solutions

Big “I” new cyber solution for small businesses.

A Buyer's Guide to Cyber Insurance McGuire/Woods

The different types of cyber insurance on the market.

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