Globally, cybersecurity threats are on the rise and there is growing concern over the impact that cybersecurity incidents have on the financial sector as a whole, including the insurance sector. With the growing use of technological innovations and the use of FinTech, personal data is now more readily available and subject to cyber-attacks.
The IAIS Issues paper on Cyber Risk to the Insurance Sector stated that, “Cyber risk presents a growing challenge for the insurance sector, and one which, under the [Insurance Core Principles], supervisors are obliged to address. Insurers collect, store, and manage substantial volumes of confidential personal and commercial information. Because of these reservoirs of data, insurers are prime targets for cyber criminals who seek information that later can be used for financial gain through extortion, identity theft, or other criminal activities. In addition, because insurers are significant contributors to the global financial sector, interruptions of insurers’ systems due to cybersecurity incidents may have far-reaching implications.”
The next A2ii-IAIS consultation call will take place on Thursday, 26 September where we will explore examples of cyber threats and incidents in the insurance sector, regulation and supervision of cyber risks as well as the applicability of the ICPs to cybersecurity. The call will draw from the recent IAIS Application Paper and Issues Paper published on cyber risk.
The call will be held again in three different languages - English, French and Spanish at the following times:
9am (CEST) English || 11am (CEST) French || 3pm (CEST) English || 5pm (CEST) Spanish
Important note: Indicated times are Central European Summer Time, as effective in Amsterdam, Berlin, Bern, Rome, Stockholm, Vienna. Follow the links to convert the time to your local time.
Please note that similar to the last calls, this call will be held again using the WebEx platform. When you have registered, you will receive an email with a link to the Webex call including more information on how to join the session. Please note that these calls are restricted to supervisors only.
To help make the session more interactive we strongly encourage participants to send questions in advance and/or raise questions on the call. If you have any questions that you would like to see addressed on the call, please send them to firstname.lastname@example.org.
We are the implementation arm of the International Association of Insurance Supervisors (IAIS) on Inclusive Insurance. We generate and disseminate knowledge, build capacity, contribute to IAIS standard-setting, we foster learning and dialogue, support implementation at the regional and national levels, and participate in global advocacy processes.