The IRDAI has requested that insurance providers implement a board-approved policy regarding the destruction or disposal of outdated computer hardware and software.
The insurance regulator notes that insurance companies must configure their IT infrastructure, including servers, applications, networks, and security devices, in accordance with the "Guidelines on Information and Cyber Security for Insurers" dated 7 April 2017.
Cybersecurity has evolved into a crucial component of governance with increased digitisation and online governance, according to a circular from the IRDAI. Hackers and crackers take advantage of flaws in systems or processes, a lack of knowledge of security protocols, or technological vulnerabilities.
The IRDAI adds that using outdated operating systems and IT equipment must also end because they leave the IT system open to cyberattacks.
