IAIS Publishes Paper on Supervision of Insurer Cybersecurity
IAIS published an application paper on the supervision of insurer cybersecurity, along with the resolution of comments on the draft application paper. The consultation on the paper ran from June 2018 to August 2018. The application paper provides further guidance to supervisors seeking to develop or enhance their approach to supervising the cyber risk, cybersecurity, and cyber resilience of insurers.
Insurers are invited to consider the recommendations and examples in the application paper, to assist in developing and implementing good cybersecurity practices in their organizations. The application paper is generally principles-based and builds on frameworks and guidance from multiple sources, including the "G7 Fundamental Elements of Cyber Security for the Financial Sector," the related "G7 Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector," and the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures. The paper focuses on supervision of insurer cybersecurity. It does not cover cyber insurance products nor the use of cyber insurance in the reduction of residual risks.
Keywords: International, Insurance, Insurer Cybersecurity, Cyber Risk, IAIS
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