Featured Product

    IA of Hong Kong Publishes Cyber-Security Guideline for Insurers

    June 28, 2019

    IA of Hong Kong published the guideline GL20 on cyber-security for authorized insurers. The guideline sets the minimum standard for cyber-security that authorized insurers are expected to have in place and the general guiding principles which the IA uses in assessing the effectiveness of the cyber-security framework of an insurer. The guideline applies to all authorized insurers, except for captive insurers and marine mutual insurers, in relation to the insurance business they conduct in, or from, Hong Kong. GL20 shall take effect on January 01, 2020.

    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

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

    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425