Featured Product

    EIOPA Consults on Guidelines on ICT Security and Governance

    December 12, 2019

    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.

     

    Related Links

    Comment Due Date: March 13, 2020

    Keywords: Europe, EU, Insurance, Cyber Risk, Operational Risk, Fintech, Solvency II, Cloud Service Providers, EIOPA

    Featured Experts
    Related Articles
    News

    EC Rule on Contractual Recognition of Write Down and Conversion Powers

    The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.

    September 17, 2021 WebPage Regulatory News
    News

    APRA Issues Further Guidance on Application of Securitization Standard

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.

    September 16, 2021 WebPage Regulatory News
    News

    SRB Provides Update on Approach to Prior Permissions Regime

    The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.

    September 16, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits

    The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.

    September 15, 2021 WebPage Regulatory News
    News

    PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes

    The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).

    September 15, 2021 WebPage Regulatory News
    News

    Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics

    The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.

    September 15, 2021 WebPage Regulatory News
    News

    HKMA Endorses Industry Guidance to Support LIBOR Transition

    The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).

    September 14, 2021 WebPage Regulatory News
    News

    OCC Issues Booklet on Supervision of Problem Banks

    The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.

    September 13, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7481