Legacy IT can be a problem for many companies.

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Legacy IT can be a problem for many companies. But it is more of a problem for the Financial Services sector. In this instance the German Finance regulator may increase regulatory capital, or Solvency capital, of Allianz by ‚¬2 Bn Euro. To cover potential system related losses. A figure that if realised may impact operating cash, and could raise concerns with the markets. This is significant, it demonstrates the concerns the regulator has over the stability of the companies IT.

It raises questions over the cybersecurity of the company. Older systems are hard to secure from cyber attacks, and complex group wide systems, if integrated, harder still.

One wonders, if true, how you sell cyber insurance while running at risk with systems that the Bafin calls unsatisfactory.

Ted Dziekanowski

#regulatorycapital #regulation #solvencyii

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