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We are seeing cyber regulation find its place within the Financial Services industry across the U.S, EU and GCC. With regulators including the NYDFS, SEC, EU Parliament and Commission introducing or updating cyber regulation. In addition to the Bank of International Settlements.
The insurance industry plays a critical role in cyber risk transfer. It is important therefore that the industry demonstrates that it is managing important risks such as those caused by cyber attack. With this in mind ‘Saudi Insurance’ has announced the establishment of Cybersecurity Sub-committee, following approval from the Insurance Authority. A committee that will oversea the implementation of cybersecurity programs and legislation, evaluating cyber risk management in accordance with established frameworks, regularly reviewing and supporting the cybersecurity strategies of insurance companies to ensure they align with industry-wide goals, and monitoring cybersecurity awareness programs to bolster defenses across the sector.
The insurance industry also plays an important role in supporting their clients manage cyber risk. As cyber regulation impacts covered entities globally, it’s important that the insurance industry demonstrates it is managing its own cyber risk, while supporting clients manage theirs.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC Insurance Authority Saudi Insurance | التأمينالسعودÙÅ
#cybersecurity #cyberriskmanagement #insurance
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