Happy Wednesday! We are closing in on the holidays and that means it's time to finish up that last-minute shopping. In this week's Big I Buzz, we are covering a great platform to help you shop local Wisconsin businesses. In industry news, we are discussing the IoT Cybersecurity Improvement Act that President Trump signed into law this month and a new NAIC rule that would allow rebating. 

The 'Amazon' of Wisconsin mom & pop shops: Website allows users to search for, shop at 400+ small businesses

We are 9 days away from Christmas and what better way to finish off your shopping than by shopping small and local. MainStreetWi.com is a hub for more than 400 Wisconsin-based, independent businesses: selling everything from fine art and furniture to clothes, books and games. Shoppers using the site can narrow their searches using the toolbar on the side, and even allowing you search for stores geographically using the drop-down bar on the left side of the screen. Most business are offering both delivery and curbside pickup options, helping you to get your gifts on time. Learn more here. 

Trump Signs IoT Cybersecurity Improvement Act into Law

On December 4 2020, President Trump signed into law the bipartisan-backed Internet of Things Cybersecurity Improvement Act of 2020. This law applies solely to federal government agencies, but its downstream consequences are likely to recah further, impacting devices procured by the federal government and - likely, eventually - consumer devices. 

Internet of Things (IoT) devices are in widespread use, most visibly by consumers of new smart home devices. According to the new law, these devices: 1.) interact with the physical world. 2.) Have a network interface for transmitting or receiving information via the internet and 3.) Are not conventional information technology devices such as smartphones or laptops and cannot function as a component of another device such as a processor. Because these devices are generally viewed as being more vunerable to cyberattacks, the IoT Cybersecurity Act seeks to reduce those risks. To do so, the new law: 

1. Tasks the National Institute of Standards and Technology (NIST) with developing, publishing and updating security standards for IoT devices.

2. Requires the Office of Management and Budget (OMB) to review each federal agency's information security policies to ensure they comply with the standards NIST promulgates for IoT devices and; 

3. Prohibits federal agencies from procuring any devices that fail to comply with NIST's standards. 

Learn more about the new act here. 

New NAIC Rule Would Allow Rebating

According to Insurance News Net, "The Executive Committee of National Association of Insurance Commissioners adopted language today designed to allow for 'rebates' to be offered to consumers. The committee unanimously adopted an amendment to the NAIC Unfair Trade Practices Act. Adopted language will permit insurers or producers to "offer or give non-cash gifts, items or services, including meals to or charitable donations on behalf of a customer in connection with marketing, sale, purchase or retention of contracts of insurance." Each state commissioner will decide the possibility of a cap on gift amounts. Learn more about the new NAIC rule here. 

For more news, check out the Action News section of our weekly e-newsletter     Big I Buzz.      If you aren't subscribed, click     here    to add your email to our emailing list. We hope that everyone has a great rest of their week!