IA of Hong Kong Publishes Cyber-Security Guideline for Insurers

Cyber risk is one of the most significant operational risks that insurers face, particularly with regard to the business operations they conduct digitally and online. Cyber-security incidents can result in financial loss, business disruption, damage to reputation, and other adverse consequences to an insurer. Accordingly, this guideline requires authorized insurers to put in place resilient cyber-security frameworks to protect their business data and the personal data of their existing or potential policyholders and to ensure continuity of their business operations. The guideline stipulates that authorized insurers should establish and maintain a cyber-security strategy and framework tailored to mitigate relevant cyber risks that are commensurate with the nature, size, and complexity of their business. The cyber-security strategy and framework should be endorsed by the Board of the insurer. Insurers should also develop a cyber-security incident response plan, which covers scenarios of cyber-security incidents and corresponding contingency strategies to maintain and restore critical functions and essential activities in such scenarios.

Related Links

• Circular (PDF)
• Guideline on Cybersecurity (PDF)

Keywords: Asia Pacific, Hong Kong, Insurance, Cyber Risk, Guideline, Cyber Guidance, IA