What IAIS Issues Paper on Cyber Risk to the Insurance Sector (August 2016) - Cyber Threats, Insurer Cyber Resilience and Supervisory Response requires
The IAIS Issues Paper on Cyber Risk to the Insurance Sector, published August 2016 and prepared by the IAIS Financial Crime Task Force, raises awareness of cyber risk to insurers and describes current and contemplated supervisory approaches. It is expressly descriptive: Issues Papers 'provide background', 'are primarily descriptive and not meant to create expectations on how supervisors should implement supervisory material', and may form preparatory work for future standards. Its scope is cyber risk to insurers and the mitigation of that risk; it explicitly does NOT cover the underwriting or selling of cyber-insurance products, broader IT security risk, or cyber incidents involving supervisors. The paper covers the cyber risk landscape, cyber threats and example incidents in the insurance sector, insurer cyber resilience (governance, risk management, recovery), the applicability of the Insurance Core Principles (ICPs) to cybersecurity, and supervisory responses observed across jurisdictions. Because it sets no binding supervisory expectations, organisations should treat its content as background guidance and look to applicable ICPs and local supervisory rules for binding obligations.
Pillar: Insurance & Risk · Authority: International Association of Insurance Supervisors (IAIS) · Version: 1.1.0 · Last updated:
Primary source: https://www.iais.org/uploads/2022/01/160812-Issues-Paper-on-Cyber-Risk-to-the-Insurance-Sector_final.pdf
SHA-256 integrity: 807638f958dbd6a721a1b44fa79a6db40af6159c714ff7afd87993836f289f09
Primary Citations — 6 traced to source
- IAIS, Issues Paper on Cyber Risk to the Insurance Sector, August 2016, https://www.iais.org/uploads/2022/01/160812-Issues-Paper-on-Cyber-Risk-to-the-Insurance-Sector_final.pdf - prepared by the IAIS Financial Crime Task Force; primarily descriptive, not creating supervisory expectations
- IAIS Issues Paper on Cyber Risk to the Insurance Sector (Aug 2016), Section I (Introduction) - protection of confidentiality, integrity and availability of policyholder data; scope excludes cyber-insurance underwriting and broader IT security risk
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