Bank of England warns Insurers of gaps in cyber response>
Acturial Post
The Prudential Regulation Authority (PRA), the Bank of England’s watchdog, has warned of “gaps” and “limitations” in cyber modelling and response in a letter to major insurers. The PRA investigated 54 insurance firms alongside 21 syndicates at Lloyds insurance requesting an assessment of their ability to prevent, react, and respond to major crises including cyber-attacks to prepare for periods of “high volatility and uncertainty.”

The watchdog uncovered that insurers were uncertain of the likelihood of ransomware attacks, data leaks, and cloud computing outages as well as ambiguous wording in cyber policies.

Chief of the PRA, Charlotte Gerken, has said they will assist firms to enhance their practices to better manage and mitigate the damage of cyber risks.
Link: https://www.actuarialpost.co.uk/article/bank-of-england-warns-insurers-of-gaps-in-cyber-response-21637.htm