June 29, 2018

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

Related Articles
News

US Agencies Consult on Capital Treatment of Land Development Loans

US Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.

July 12, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for July 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.

July 12, 2019 WebPage Regulatory News
News

ESMA Updates Manual for European Single Electronic Format in EU

ESMA updated the reporting manual for European Single Electronic Format (ESEF).

July 12, 2019 WebPage Regulatory News
News

FED Updates Supplemental Instructions for Reporting Form FR Y-9C

FED updated the supplemental instructions for FR Y-9C reporting.

July 12, 2019 WebPage Regulatory News
News

EBA Publishes Report on Monitoring Implementation of LCR in EU

EBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.

July 12, 2019 WebPage Regulatory News
News

APRA Applies Additional Capital Requirements to Three Australian Banks

APRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.

July 11, 2019 WebPage Regulatory News
News

IMF Report on 2019 Article IV Consultation on Euro Area Policies

IMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.

July 11, 2019 WebPage Regulatory News
News

FSB to Survey Practices on Cyber Incident Response and Recovery

FSB launched a survey on the industry practices on cyber incident response and recovery.

July 11, 2019 WebPage Regulatory News
News

ECB Appoints New Members of Supervisory Board

The Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.

July 11, 2019 WebPage Regulatory News
News

OSFI Consults on Applying Proportionality to Pillar 1 Rules in Canada

OSFI published a discussion paper seeks input on possible tailoring of the capital and liquidity requirements for small and medium-size deposit-taking institutions.

July 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3435