EIOPA issued a consultation on guidelines on the Information and Communication Technology (ICT) security and governance by insurers. The guidelines covers the areas of governance and risk management, ICT operations security, and ICT operations management. These guidelines shall provide guidance to national supervisory authorities and market participants on how regulation regarding operational risks set forth in the Solvency II Directive (2009/138/EC), the Delegated Regulation 2015/35, and EIOPA Guidelines on System of Governance is applied in the case of ICT security and governance. The consultation period on these guidelines ends on March 13, 2020.
Recognizing the need for being prepared for cyber risk and a sound cyber-security framework by undertakings, these guidelines also cover cyber-security as a part of the information security measures of an undertaking. The objective of these guidelines is to provide clarification and transparency to market participants on the minimum expected information and cyber-security capabilities. The guidelines are intended to help avoid potential regulatory arbitrage and to foster supervisory convergence regarding the expectations and processes applicable in relation to ICT security and governance as a key to proper ICT and security risk management. The guidelines should be read in conjunction with and without prejudice to the Solvency II Directive, the Delegated Regulation, EIOPA Guidelines on system of governance and EIOPA Guidelines on outsourcing to cloud service providers. As a next step, EIOPA will consider the feedback received to this consultation, publish a final report on the consultation, and submit the guidelines for adoption by its Board of Supervisors.
Comment Due Date: March 13, 2020
Keywords: Europe, EU, Insurance, Cyber Risk, Operational Risk, Fintech, Solvency II, Cloud Service Providers, EIOPA
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