IAIS Publishes Report on Cyber-Security Issues Among Insurers
To raise awareness about the growing concern of cyber-risk among insurers, the International Association of Insurance Supervisors (IAIS) recently published a report titled Issues Paper on Cyber Risk to the Insurance Sector. The IAIS is requesting public comment on the report, which can be found online. The report contains multiple supervisory approaches to reduce cyber-risk and includes a cyber-crime survey. The survey findings include the following:
The vast majority of those surveyed had no specific protocol for notifying authorities when cyber-incidents occur.
The majority of those surveyed are limited in the number of staff members capable of cyber-security monitoring.
More than 50% of those surveyed said that no supervisory enforcement measures have been used to address cyber-security weaknesses in the past five years.