CYBERSECURITY -
South Carolina Enacts Insurance Data Security Act -
South Carolina Governor Henry McMaster signed the South Carolina Insurance Data Security Act into law on May 3, 2018. The law, parts of which become effectiveJanuary1, 2019, requires entities licensed by the Department of Insurance to, “develop, implement and maintain a comprehensive information security program based on the licensee’s Board of Directors, if applicable to require a licensee to monitor the security program and make adjustments if necessary, to provide that the licensee must establish an incident response plan, to require a licensee to submit a statement to the Director of the Department of Insurance annually; to establish certain requirements for a licensee in the event of a cybersecurity event; to require a licensee to notify the Director of certain information in the event of a cybersecurity event; to grant the Director the power and authority to examine and investigate a licensee; to provide that documents, materials, or other information in the control or possession of the Department must be treated as confidential documents under certain circumstances; to provide exemptions from the provisions of this Chapter; to provide penalties for violations; and to authorize the Director to promulgate regulations.”
Please see full publication below for more information.
