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The Dear CEO letter from Financial Conduct Authority in September 2023 to cyber insurers focusing on policy wordings, highlights the challenges insurers having in delivering cyber insurance policies and their own knowledge of cyber risk in the board room.
How can one not be concerned about the cyber insurance market? The insurance industry seems to be quite buoyed by the potential growth in the cyber insurance market, the regulator is concerned by policy wordings and given the recent paper from Lloyds of London highlighting the financial effect of a systemic cyber attack. One wonders if the UK regulators 2022 insurance stress tests need a rethink?(https://lnkd.in/ee7qbqH6)
For EU based insurers with UK businesses, one suspects they will be getting first hand the requirements to manage cyber. As their boards are required to demonstrate and attest compliance to DORA from 2024. With similarities to the SECs compliance to FISMA. The insurance industry will be required to manage its cyber, while insuring cyber risk of others that manage cyber risks.
Ted Dziekanowski Brian D. McCarthy Bob Dix Rachel V. Rose, JD, MBA
#paravasecuritysolutions #cybersecurity #cyberriskmanagement #cyberinsurance
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