In the inaugural edition of our new Tech Tuesday video series, IIABSC Technology Committee Chairman Andrew Muller discusses the South Carolina Insurance Data Security Act with Michael Jordan of Securibly.
A common point of confusion regarding data security compliance is that agencies with fewer than 10 employees have a full exemption from SC Insurance Data Security Act (SCIDSA), which is not true. They may be exempt from some of the particulars of what their Information Security Program includes, but the Gramm Leach Bliley Act (GLBA) still mandates most of the same components. Other provisions of SCIDSA still apply as well.
Additionally, while most agencies rely on reputable third parties for securing their AMS, email service and other tools, most are not addressing the bulk of the requirements. These include conducting periodic cybersecurity risk assessments, training employees and implementing procedural documents, among other things.
Finally, while most agencies today have a cyber liability policy, this should not be used as an excuse nor is it sufficient protection for failing to comply with the law.
Securibly is IIABSC’s most recently endorsed vendor. For a fraction of the cost of any alternative, their platform helps small and mid-sized independent agencies comply prudently and practically with the SCIDSA as well as the GLBA Safeguards Rule. No agency is exempt from implementing a basic Information Security Program and Securibly makes this and other components of data security compliance fairly simple.
Securibly does not provide an insurance product; instead, they provide the tools and resources to make compliance with applicable laws and regulations straightforward and cost-effective.
Right now through January 31, 2021 (offer has been extended), IIABSC members get an exclusive 50% discount on their first year of Securibly’s service when they subscribe to an annual plan. You may sign up at securibly.app/select-plan, select the annual plan and use discount code IIABSC20 at checkout to take advantage of this savings.
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