insurance sector

Industry groups have consistently urged CISA to reduce the scope of the Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA), advocating for fewer companies to be covered, fewer incidents reported, and less detailed information shared. CISA has delayed finalizing the rule multiple times, with industry sources doubting a September 2025 completion timeline. The law mandates reporting major cyberattacks within 72 hours and ransomware payments within 24 hours to enhance federal information sharing.

Brazilian digital payments company PicPay received Central Bank approval to acquire insurer Kovr, a firm formerly linked to liquidated Banco Master. This marks a significant step in PicPay's expansion into the insurance sector.

The Asian Development Bank (ADB) has approved a $700 million policy-based loan to strengthen Pakistan's insurance sector, aiming to expand coverage, reduce protection gaps, and enhance financial resilience against disasters. The reforms will promote inclusive insurance products for farmers, women, and vulnerable households while supporting capital markets and pension development.