PRA urges insurers to act on ‘silent cyber’ risks
Watchdog urges underwriters to embrace cross-policy stress-testing to identify exposure to claims from non-specified risks
The UK’s Prudential Regulation Authority (PRA) has urged the insurance industry to ramp up monitoring of its exposure to cyber risk, including greater use of stress-testing exercises to monitor the aggregation of risks across multiple policy offerings.
In a supervisory statement issued this morning (July 5), the PRA sets out guidance on how UK underwriters should identify, quantify and manage their exposure to cyber insurance claims from both affirmative cyber risk – insurance policies that
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Cyber
BdF and MAS complete test on post-quantum cryptography
Technology used to secure emails can be adapted for payments, authorities say
Financial system needs to be ‘quantum-ready’ – BIS study
Working paper reviews benefits and risks of computing technology
Norges Bank’s market operations fixed after global outage
Liquidity operations resumed on Friday following hourly calls with third-party service provider
Ransomware payments can be necessary, say panellists
Paying off hackers may be only way to safeguard financial stability, despite risks
MAS partners with Mastercard to tackle cyber risks
Singaporean central bank and payments firm will share information and conduct joint training
IMF officials warn cyber risks are growing
Systemic and third-party cyber risks pose threats to central banks and firms
IMF hit by cyber attack
Fund says attack did not target top leader and it has “re-secured” 11 compromised email accounts
Riksbank HR system restored 17 days after ransomware attack
Other incidents using Akira software reported across the world since 2023