Insurers caught flat-footed ahead of IRA's 24-hour cyber breach deadline

Industry experts warn insurance firms remain unprepared for mandatory cyber breach reporting deadlines.[Courtesy]

Insurance companies must strengthen their cybersecurity defences to meet regulatory requirements for 24-hour breach reporting, industry experts are warning.

This comes even as the Insurance Regulatory Authority (IRA) directive issued by chief executive Godfrey Kiptum requires insurers to report all material cybersecurity incidents within 24 hours of either confirming or substantively detecting the breach, with many firms remaining unprepared for the enforcement requirements.