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Insurers are caught between the proverbial rock and a hard place. On one hand having to manage the risk of cyber attacks on their own infrastructure, on the other manage the risk of their clients. Picking up regulatory capital to manage their own risk and having to find capital to cover increasing losses . Not an enviable position to be in at a time of increased cyber attack frequency and complexity. As the article points out insurance companies face the same technology challenges as all service providers, having to manage security across their existing value chain of connected systems, cybersecurity as the innovate and digitize and a complex threat that is targeting sometimes vulnerable insurers.
For Insurers with business in the EU is there a light at the end of the proverbial tunnel, with cyber regulation. As we presented last week to the The Institute of Internal Auditors Inc. EU DORA is being transposed by member states ahead of the October 2024 deadline? Requiring FIs, including insurers to manage their cyber risk and oversight and assure the cyber risk of their ICT providers. Creating the regulatory imperative for insurance companies manage cyber risk.
Insurers do not have long to implement the Act. An Act that sets out a cyber risk management regulatory framework similar to EU NIS 2 and the SEC final rule.
Ted Dziekanowski Brian D. McCarthy Bob Dix Rachel V. Rose, JD, MBA
#cybersecurity #cyberrismanagement #insurance #dora #paravasecuritysolutions
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