The Alyne library has just been updated with new content to meet the requirements published by the German Financial Regulator BaFin for governing IT in regulated insurance companies, known as VAIT.
The update has been provided, as with all previous library updates, to existing and new Alyne customers alike. The new content includes a Control Set containing 166 Control Statements and a corresponding Assessment Set. We also added some new Control Statements, specific to VAIT, to the Alyne library to appropriately cover this regulation.
VAIT (Versicherungsaufsichtliche Anforderungen an die IT) is similar to its banking counterpart, BAIT (Bankaufsichtliche Anforderungen an die IT), in that it defines specific requirements for IT departments in regulated insurance companies, rather than banks. The majority of the VAIT text is in fact identical to BAIT, however instead of requiring companies to comply with MaRisk (which applies to the banking industry), VAIT includes 14 extra requirements. In doing so, VAIT essentially creates a level playing field between insurance and banking regulation for IT.
The role of the Chief Information Security Officer is significantly strengthened and is now a mandatory role for regulated insurance organisations. Importantly, the CISO position is required to be held by a single person. Reporting, responsibilities and oversight of secure software development have also been defined in significant detail. Unsurprisingly, identity and access management, secure operations and outsourcing remain focus topics. Notably, VAIT requires each technical user account to be assigned to a responsible person.
More Transparent IT Governance
Insurance organisations are required to put a more transparent IT Governance Framework in place and increase controls management diligence. The IT Governance controls framework shall be linked to mature information risk management processes and information security management practices. For Alyne customers, these requirements are easily implemented. Alyne's control framework, linked to multiple standards, laws and regulations, is fully integrated into an assessment and risk management capability, exactly as intended by this new regulation.