IAIS published a draft application paper on the supervision of insurer cybersecurity. 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 also invited to consider the application paper, to assist in developing and implementing good cybersecurity practices in their organizations. Comments on the proposal are due by August 13, 2018.
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 insurers’ cybersecurity. It does not cover cyber insurance products nor the use of cyber insurance in the reduction of residual risks. IAIS also published consultations on the revised ICPs 6 and 20 and it will hold a public background session on July 16, 2018 to discuss these revised ICPs.
Under IAIS procedures an application paper can provide additional material related to one or more Insurance Core Principles (ICPs) that help with practical application of ICPs, but an application paper is not binding and does not establish standards. Application papers can provide examples of good practices, in addition to advice and recommendations on how ICPs may be implemented.
Comment Due Date: August 13, 2018
Keywords: International, Insurance, Application Paper, Insurer Cybersecurity, Cyber Risk, IAIS
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EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
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ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.
BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.
BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.
APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.
EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.
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FSB published a progress report on the implementation of reforms to major interest rate benchmarks, including the London Inter-bank Offered Rate (LIBOR) benchmark.