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IRDAI asks insurers to strengthen cybercrime defences, proposes revisions to anti-fraud policy

Money ControlMoney Control · 23d
IRDAI asks insurers to strengthen cybercrime defences, proposes revisions to anti-fraud policy

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed new guidelines to strengthen the fraud-monitoring framework for insurers, with a focus on cyber fraud. Following a recent data breach at Star Health Insurance, where customer details were allegedly sold, IRDAI urges insurers to enhance their cybersecurity measures. The proposed rules include the establishment of independent fraud monitoring units, the implementation of fraud deterrence measures, and the creation of fraud monitoring committees. Additionally, IRDAI plans to utilise data analytics from the Insurance Information Bureau (IIB) to enhance threat intelligence sharing on frauds across the sector.

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