Whilst any instruction from the regulator could be seen as yet another administrative burden to overcome, please find the comment below on the PRA’s latest requirements from Moore Stephens, the insurance adviser.
Gavin Davey, Associate at Moore Stephens LLP, says:
“The recent PRA’s instruction for the insurance industry to assess their cyber resilience should not be ignored. In an age of near-total connectivity, the insurance sector cannot afford to delay and must seriously consider how they are addressing cyber risks. This is especially true for an industry that relies heavily on confidence and trust.
“In addressing the PRA’s questionnaire every insurer should apply the necessary rigor and foresight – the PRA expect that the completed questionnaire is a true and accurate statement from the firm’s Board. Though it might seem like another box ticking exercise, there are several complex issues that firms may not have considered or even fully understood. The consequences for getting it wrong could be severe and far reaching.
“There is an opportunity for each insurer to be open and honest about their capabilities and ultimately, work towards improving their security. Complacency and apathy is no longer an option in such a highly interconnected world.”
To access the Questionnaire to assess cyber resilience capabilities click below
|
