As high as 25%, reputation is not likely insurers biggest problem.

← Back to Blog

As high as 25%, reputation is not likely insurers biggest problem. With EU DORA coming down the road and arriving by the end of 2024. If it is finalized in 2023, U.S listed public insurers will have to comply with the SEC proposal and the SEC has to eat its own cyber dog food through FISMA compliance. Audited annually, the SEC is well aware of what is required to comply to cyber regulation. Insurers will have to comply to cybersecurity risk management regulation. Regulation, to take a quote from Ted Dziekanowski, will require the shoe makers to buy shoes for their children.

One suspects that insurance firms will have to get to grips with cybersecurity risk management. Their boards will have a steep learning curve to follow, if they want to maintain regulatory compliance. As risk carriers, insurers should be able to manage their own cyber risk, shouldn’t they?

Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA

#cyberriskmanagement #cybersecurity #cyberregulation #insurance

View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7076955009334075393