PRA CEO letter warns action is needed on cyber
Regulator calls on providers to cover more ground on cyber in relation to risk management, risk appetite and strategy, and pledges to continue to keep cyber insurance underwriting risk under review.
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:
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