FCA ready to swoop on “outliers” amid concerns on cyber insurance
The Financial Conduct Authority has warned the cyber insurance market over its concerns on policy wordings.
The regulator wants clear wordings and will “take action on firms we deem to be outliers”.
In its latest Dear CEO letter, addressed to the wholesale market, the FCA wrote: “With cyber-attacks on the rise, we are concerned that uncertain cyber policy wordings may result in firms not meeting their customers’ needs.
“We want to see a cyber insurance market where firms can demonstrate that customers buy products that meet their needs and provide value, to avoid misalignment between customer
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