PRA CEO letter warns action is needed on cyber

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Anna Sweeney, director, insurance supervision at the Prudential Regulation Authority (PRA) has warned that more ground needs to be covered by firms in relation to cyber insurance underwriting risks. 

The letter to chief executives of specialist GI firms regulated by the PRA, including insurance companies and Lloyd’s of London, follows a supervisory statement on cyber published by the PRA in July 2017 (SS4/17).

The statement covered the following three areas:

Actively managing non-affirmative

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