technical, and physical safeguards reasonably designed to: 1) ensure security and confidentiality of customer records and information; 2) protect against anticipated threats to security or integrity of customer records and information; and 3) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer. Cybersecurity Information Sharing Act (CISA) was included in the budget and signed into law by President Obama on December 18, 2015. Its purpose is to prevent breaches of consumer data by offering legal protection to incentivize companies to share information about threats to their networks with the government and other businesses. Judicial Redress Act was signed into law by President Obama on February 24, 2016. The Act grants non-U.S. citizens certain rights, including a private right of action for alleged privacy violations that occur in the U.S. The passing of this Act was an important step towards approval of the EU- US Privacy Shield that for a period of time until invalidated allowed the transfer of personal information from the EU to the United States.
The National Institute of Standards and Technology (NIST) Cybersecurity Framework
On February 12, 2014, NIST released the final version of its Framework for Improving Critical Infrastructure Cybersecurity (“NIST Framework”). The NIST Framework followed an Executive Order from the Obama Administration that called for its creation in February 2013. While use of the NIST Framework is voluntary, the federal government and others, including insurance companies, have been actively exploring ways to incentivize participation. The final version of the NIST Framework is the result of a year-long development process with significant public comment and working sessions with private sector and data security stakeholders. The NIST Framework can be used by a business as a risk management tool. It can help assess the risk of a cyber-attack, protect against attacks, and detect intrusions as they occur. According to NIST,
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