Tag Archives: cyber

PRA publishes supervisory statement on cyber insurance underwriting risk

PRA has published a policy statement and supervisory statement on cyber insurance underwriting risk. The statements are relevant to all UK non-life insurance and reinsurance firms and groups within the scope of Solvency II including Lloyd’s and managing agents. The supervisory statement sets out PRA’s final expectations regarding the prudent management of cyber underwriting risk, […]

BoE speaks on operational resilience

Charlotte Gerken has spoken of the BoE’s approach to operational resilience. She focussed on how it is developing its approach in co-operation with firms and other regulators. BoE’s aim is to improve the ability of the financial services sector to absorb the impact of an unexpected event while continuing to perform its key activities.  Part […]

EP adopts Fintech resolution

The EP has adopted a resolution on the influence of technology on the financial sector. The provisional version of the resolution focuses on the rapid development of applications of fintech technologies and notes that some may become of systemic importance. It looks at the benefits and risks of the developments and notes that some applications […]

Treasury Committee concerned about cyber strategy accountability

Andrew Tyrie  (Chairman of the Treasury Committee) and Philip Hammond have been exchanging correspondence about cyber security in the financial services sector. Mr Hammond also chairs the National Security Council Subcommittee on Cyber (NSC Cyber) said that protecting against cyber attacks is top priority for the government. He noted the launch of the National Cyber […]

PRA consults on cyber insurance underwriting risk

PRA is consulting on a proposed new supervisory statement that sets out how it expects all Solvency 2 firms to prudently manage cyber underwriting risk. PRA carried out thematic work which highlighted a number of risks the insurance industry faces from underwriting insurance contracts that are exposed to losses resulting from a cyber attack. Its […]