‘Patchwork’ Of Data Security Laws Would Hurt Industry: ACLI

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It might be on the back burner at the moment due to the COVID-19 pandemic, but cybersecurity regulation has not gone away.The potential for disparate regulations governing the collection and use of data remains a strong possibility, and one the industry would like to avoid. One outlier law is the California Consumer Protection Act, which took effect Jan. 1 and is viewed as a problematic regulation by many insurers.”Changes are occurring all the time and we’re seeing a lot more companies come into the space and they’re using personal information,” said Kate Kiernan, vice president and deputy of policy development for the American Council of Life Insurers. “That, of course, is driving some of the sensitivities and policymakers see that we have some need for additional regulations.”Kiernan is moderating a panel discussion today on cybersecurity and privacy at the ACLI Annual Conference.The California WayAccording to the California bill, any company that collects, shares or sells the information of more than 50,000 people and generated revenue of more than $25 million in the preceding year, has to comply with the new law.Advertisement Furthermore, companies don’t have to be based in California to fall under the rules, they simply …

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