Tom-Lenoardi-Evercore speaks with Tom Leonardi about regulator focus on cybersecurity during the recent IIS Global Insurance Forum at the United Nations. He is the former Connecticut Insurance Commissioner and now a Senior Advisor at Evercore.

According to Mr. Leonardi, until the hack on Anthem and Premera Blue Cross, regulators had not concentrated on cyber risk. Now, he says, the NAIC and State regulators recognize that “unless a company has military grade security, they are at risk. “ Regulators need to understand and be able to prepare both companies and consumers for the implications of a cyber-attack.

Mr. Leonardi says we should not demonize companies is they are the victim of a hack, though companies should do as much as possible can to protect themselves and their customers.

For more of our coverage from the IIS Global Insurance Forum, visit the On Demand Library.

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