Michigan Laws 500.557 – Occurrence of cybersecurity event; investigation; maintenance of records
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 500.557
- Cybersecurity event: means an event that results in unauthorized access to and acquisition of, or disruption or misuse of, an information system or nonpublic information stored on an information system. See Michigan Laws 500.553
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Licensee: means a licensed insurer or producer, and other persons licensed or required to be licensed, authorized, or registered, or holding or required to hold a certificate of authority under this act. See Michigan Laws 500.553
- Nonpublic information: means electronic information that is not publicly available information and is any of the following:
(i) Business-related information of a licensee, the tampering with which, or unauthorized disclosure, access, or use of which, would cause a material adverse impact to the business, operations, or security of the licensee. See Michigan Laws 500.553
(1) If the licensee learns that a cybersecurity event has or may have occurred, the licensee or an outside vendor or service provider, or both, designated to act on behalf of the licensee, shall conduct a prompt investigation.
(2) During the investigation under subsection (1), the licensee, or an outside vendor or service provider, or both, designated to act on behalf of the licensee, shall, at a minimum, do as much of the following as possible:
(a) Determine whether a cybersecurity event has occurred.
(b) Assess the nature and scope of the cybersecurity event.
(c) Identify any nonpublic information that may have been involved in the cybersecurity event.
(d) Perform or oversee reasonable measures to restore the security of the information systems compromised in the cybersecurity event to prevent further unauthorized acquisition, release, or use of nonpublic information in the licensee’s possession, custody, or control.
(3) The licensee shall maintain records concerning all cybersecurity events for at least 5 years from the date of the cybersecurity event and shall produce those records on demand of the director.