How often should a report about cybersecurity policy and program be submitted to the superintendent?

Submitting a report about cybersecurity policy and program annually aligns with the typical regulatory and best practice frameworks in the insurance and financial industries. An annual report allows for a comprehensive review of the organization’s cybersecurity posture and provides sufficient time to implement changes and measure their efficacy.

This frequency enables organizations to take into account the evolving nature of cybersecurity threats and to assess the effectiveness of their policies, training, and incident response plans over a significant timeframe. It also ensures that the superintendent has up-to-date information regarding the organization's risk management strategies and compliance status without overwhelming them with reports that may not capture relevant changes occurring on a shorter schedule.

Shorter reporting periods might not be feasible for many organizations as they may not have enough significant updates or changes to justify more frequent submissions, leading to unnecessary administrative burden and potentially diminishing the quality of the information reported. Thus, annual submissions strike a balance between thoroughness and practicality in monitoring cybersecurity efforts.