IRDAI asks insurers to empanel forensic experts in advance

New Delhi: Regulator Irdai on Wednesday directed insurers to empanel forensic auditor in advance so that they could conduct forensics and root cause analysis of cyber incidents without any delay.

In a circular, which has come in the wake rising incidents of data breach, Insurance Regulagtory and Development Authority of India (Irdai) said that in today’s digital age, any cyber incident and crisis poses significant threats to organisations.

Therefore, it is crucial to be prepared to respond effectively to prevent or minimise damage to information assets, including customer data and ensure business continuity.

In 2023, the regulator had issued Irdai Information and Cyber Security Guidelines regarding cyber incident or crisis preparedness.

“In addition..., all regulated entities are required to establish a well-defined procedure/practice to ensure that the forensic auditor/s are empanelled in advance and can be onboarded to conduct forensics and root cause analysis of cyber incident/s without any delay,” the circular said.