The Insurance Regulatory and Development Authority of India (IRDAI) has taken a significant step towards bolstering cybersecurity within the insurance sector. In a recent office order dated 14th September 2023, the IRDAI announced the formation of an Inter-Disciplinary Standing Committee on Cyber Security. This move comes in the wake of the publication of the IRDAI Information and Cyber Security Guidelines on 24th April 2023, underscoring the growing importance of safeguarding digital assets and customer data in the insurance industry.
Detailed Analysis:
The newly established committee is tasked with a crucial mission: to regularly evaluate and address cybersecurity threats associated with both existing and emerging technologies. By doing so, it aims to propose necessary enhancements to the IRDAI’s Information and Cyber Security Framework. The ultimate goal is to fortify the cybersecurity posture and resilience of the insurance industry.
One notable aspect of the committee’s responsibilities is its commitment to considering feedback and suggestions from regulated entities. This open-minded approach ensures that practical insights from within the industry are incorporated into the cybersecurity framework. This collaborative effort enhances the effectiveness of cybersecurity measures, given the ever-evolving nature of cyber threats.
The committee comprises distinguished members who bring a wealth of expertise to the table:
- Shri. P.S. Jagannatham, CGM, GA&HR — Chairperson: Leading the committee is Shri. P.S. Jagannatham, Chief General Manager of GA&HR.
- Prof Sandeep k Shukla, IIT Kanpur – Member: Renowned academician and expert from IIT Kanpur, Prof Sandeep k Shukla.
- Shri Ashutosh Bahuguna, Scientist—C, CERT-In — Member: Shri. Ashutosh Bahuguna, a scientist from CERT-In.
- Shri. R Sheshadri, Chief Manager, CISO, NIACL – Member: Shri. R Sheshadri, Chief Manager and CISO at NIACL.
- Shri. Murli Nambiar, CISO, State Bank of India — Member: Representing the banking sector, Shri. Murli Nambiar, CISO of State Bank of India.
- Smt. Shradha Vyas, CISO, Munich Re – India Branch – Member: Smt. Shradha Vyas, CISO of Munich Re – India Branch.
- Shri. Steve D’Souza, VP&CISO, ICICI Lombard General Insurer — Member: Shri. Steve D’Souza, VP and CISO of ICICI Lombard General Insurer.
- Shri. Kalpesh Bharat Doshi, CISO, HDFC Life Insurer — Member: Shri. Kalpesh Bharat Doshi, CISO of HDFC Life Insurer.
- Shri. Sumit Bohra, President, Insurance Brokers Association of India – Member: Shri. Sumit Bohra, President of the Insurance Brokers Association of India.
- Shri. Deepak Gaikwad, GM, CISO — Convener: Shri. Deepak Gaikwad, GM and CISO, serves as the convener of the committee.
The committee also has the flexibility to invite external members should specific issues or suggestions require additional expertise.
Conclusion: The formation of the Inter-Disciplinary Standing Committee on Cyber Security by the IRDAI marks a significant stride in ensuring the security of digital assets and customer information in the insurance sector. With a diverse and knowledgeable team, this committee is poised to play a pivotal role in safeguarding the industry against evolving cyber threats. By actively seeking input from regulated entities, it aims to create a robust cybersecurity framework that can adapt to the dynamic nature of technology and security challenges. This move underscores the IRDAI’s commitment to maintaining the trust and confidence of policyholders in the digital age.
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Insurance Regulatory and Development Authority of India
Ref No: IRDAI/GA&HR/GDL/MISC/ 170/09/2023 Dated: 14th Sep, 2023
Office Order
Ref: Constitution of Inter-Disciplinary Standing Committee on Cyber Security
Subsequent to publication of IRDAI Information and Cyber Security Guidelines dated 24th Apr, 2023 and with the approval of the Competent Authority, it has been decided to constitute a Standing Committee on Cyber Security which will regularly review the threats inherent in the existing or emerging technologies and suggest appropriate changes to IRDAI Information and Cyber Security Framework to further strengthen cyber-security posture and resilience of Insurance Industry.
Further, the suggestions received from the Regulated Entities in implementation of IRDAI Information and Cyber Security guidelines, 2023 will also be considered by the committee for suggesting appropriate changes in the current framework.
The above Committee is constituted with following members:
1. Shri. P.S. Jagannatham, CGM, GA&HR — Chairperson
2. Prof Sandeep k Shukla, IIT Kanpur – Member
3. Shri Ashutosh Bahuguna, Scientist—C, CERT-In — Member
4. Shri. R Sheshadri, Chief Manager, CISO, NIACL – Member
5. Shri. Murli Nambiar, CISO, State Bank of India — Member
6. Smt. Shradha Vyas, CISO, Munich Re – India Branch – Member
7. Shri. Steve D’Souza, VP&CISO, ICICI Lombard General Insurer — Member
8. Shri. Kalpesh Bharat Doshi, CISO, HDFC Life Insurer — Member
9. Shri. Sumit Bohra, President, Insurance Brokers Association of India – Member
10. Shri. Deepak Gaikwad, GM, CISO — Convener
The committee may invite external member/s, if required, to examine specific issues / suggestions.
This is issued with the approval of the Competent Authority.
P.S. Jagannatham
Chief General Manager (GA & HR)
