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6 July 2020
The General Insurance Code Governance Committee (CGC) has published a guidance note to assist subscribers with the reporting of significant breaches.
A previous CGC inquiry had identified “a lax attitude” towards identifying breaches and called for improvement.
“The CGC’s inquiries revealed that subscribers are failing to correctly identify multiple breaches connected to the same underlying cause as a reportable significant breach, instead including them as standard breaches in their annual report of breach data,” the note says.
“Some subscribers have historically reported a disproportionally low number of significant breaches when compared to other subscribers of comparable size and market share.”
The guidance note is aimed at ensuring code subscribers identify significant breaches and report them in a timely manner.
“Given the potential negative impact on consumers, if you fail to identify, report or remediate significant breaches in an efficient and timely manner, you will be subject to sanctions under both the current and 2020 code,” the committee says.
To see the full guidance note, click here.